I have been offered a $1000 an acre for my mineral rights. I would like to know if there is any activity going on in that area. Several years ago there was a gas well and an oil well on our acreage but both were shut down in the late 70’s.
This is in the general area of the Woodford Shale Development that started in Canadian County, then spread to Blaine, Dewey, Grady, & the edges of Caddo County.
Your location is outside the areas of current development, but not that far away. Cimarex drilled a well 6 miles north of you; they had problems with the well, and so it hard to say how good it might have been. There was a fair Woodford well drilled 4 miles to your east in Grady county, and a few more in the vicinity are either drilled or filed to be drilled. At least one of these wells was not very good by Woodford standards.
There have been no Woodford intents to drill filed in the entire section of 9N 9W, but that might just be a matter of time.
And so, at this early stage, it's a little hard to know what might happen to yours. $1000 is on the low side of any offers I have heard, but then again, it's not exactly in the heart of the play either, and it's early.
If you get serious about selling, add me as a friend and I can maybe give you some more options offline. Also it would be good to know how many acres you have.
Thanks for the information. The property had 80 acres that was divided among 5 heirs. My brother and I are interested in selling our part. We each own 15.866 acres.
My brother seems to think there is a producing well in our section that we are not recieving royalty on. The only
name he has is Oliver, which I believe is the property owner. How would we verify this?
According to the Oklahoma Corporation Commission web site, there are 2 plugged wells in the section (the Payne and the Wensel), but there are no producing wells.
Has no one approached you about an oil and gas lease in the last couple of years?
JANET RAINEY said:
Thanks for the information. The property had 80 acres that was divided among 5 heirs. My brother and I are interested in selling our part. We each own 15.866 acres.
My brother seems to think there is a producing well in our section that we are not recieving royalty on. The only
name he has is Oliver, which I believe is the property owner. How would we verify this?
You should not sell your mineral interest until you've gotten a pretty good handle on what its worth.
From the activity that is occurring in the area, it would appear that it is possible someone is about to file a permit for a well or someone is going to start leasing in the area. Tell the people offering to buy that you would consider leasing instead.
I do not know what leases are going for out in that direction but its likely that a lease offer would be at least 500 an acre bonus and possible higher.
I know a mineral broker who could better tell you what your minerals were worth before you sold them and who could also tell you what a good lease bonus for the area might be.