Oil & gas discussion group for those interested in Polk County, TX. Share your experience regarding lease bonus, royalty rates, drilling activity, and oil & gas news.
I have at least 6 properties (mineral rights) in Polk County. My grandfather purchased these in the early 1940's. He left them to my Father who in turn left them to myself and two brothers. There isn't a lot of activity in Polk, but it could get better. There have been 6 applications for well permits this year. Anyone else have minerals in Polk County?
Wes Luke
i have a lease in polk county. i have had it for 3 yrs with option to extend for 2 more years which now i am in 1 year into that. it was first through meridian now alta mesa has it.
are things slow in polk county?
Hi Mary,
Welcome to our new group, small as it is. Before you sign another lease, be sure to do a lot of reading of messages on the board. There is a plethora of good information there.
Yes, as far as I can tell things are a bit slow in Polk, But it will surely pick up. Are the minerals in Polk Co. the only ones you own?
Yours,
Wes Luke
any news out of polk county on how things going there?
No, but I've heard there is a lot of info on the TRRC site. (Texas Railroad Commission) If anything is going on it should show up there. Have a great day.
Yours,
Wes
how is the drilling in polk county? any new things happening?
hello.....
anything going on in polk county
I currently received a request to lease my mineral interest in Polk County. I am new to this so bare with me on the terminology. What has been explained to me is that I have leased the upper rights (0'-100') for 3 years, $250 bonus and 1/4 royalties.
The new lease is for the 'deep rights' (below 100'). They want to give me $150 bonus and 1/4 royalties for another 3 year lease with the option to renew for three more years at $150 bouns.
My thoughts are this. The original lease is producing, so doesn't that make the 'deep rights' more valuable? Say in the $400-$500/bonus range? I'm thinking the contract should read $500/bonus acre, 1/4 royalties, 3 years. And the optional 3 year renewal should be for $650/bonus acre, because the value should increase.
Any help would be greatly appreciated?
Good Morning Hill,
I'm surprised you got an offer, but since you did you can rest assured the oil co. making the offer is giving you the lowest price for the bonus. Of course, since this is Texas and not ND, they may actually be offering a fair price for your bonus. Is that the only offer you've had? You won't beat the 1/4 royalty, which makes me lean in the direction that they are an honest bunch. Do you know of any recent wells that would give you an idea if their offer is a good one. At any rate, you started out in the right way by talking about it here. We have a great bunch of folks and they are always willing to help.
Yours,
Wes Luke
By the way, try to not lease for the second three years. You never know what your minerals will be worth, especially if they drill on your lease and have a good well. That could push your mineral value much higher than any landman will offer. Welcome to the group and much luck on your endeavor.
Yours,
Wes Luke
Where are your minerals located in Polk co? My lease is due to expire July 21,2012. I am hoping they will at least lease it again.
Mary,
That question should be for HillMorrison because I no longer own minerals in Polk County. How have you been, my friend? I hope you're doing well. : )
I’m doing well. How are you doing? Haven’t heard from you in awhile. Yes that question was for the other person, but great to hear from you too. My lease is up in July .and so hoping they do something.
These particular minerals are in Abstract 39
Do you know the survey name? Mine are located in watts/ Cartwright surveys
Mary,
I was approached by an oil co. located in Dallas wanting to buy my mineral interests that were leased 5 years ago. They were offering $900.00 for the whole lot of minerals. Just as an afterthought, I asked him when the well was spudded. He said in late April or early May. I had no idea it was spudded until I asked him. No wonder they wanted to buy them. So, I told him to talk to my brothers to see if they wanted to sell their 1/3rd interest. I guess they said "No" since he didn't call back. LOL In answer to your question, I'm doing pretty well. The heat gets to me big time. I looked at my car thermometer and it screamed 107' at me. I am in my complex for the remainder of the day. : )
Yours,
Wes
Mary,
The abstrac's name is william johns league
What part of Polk co is it located? Mine are close to onalaska.