I have an lease offer for Sec 29-6N-6w in Grady, County, OK for a three year lease at 3/16 royalty and $1,000/acre bonus with a 3 year option at $1,500/acre from a landman, Rhett Gore, in Ft Worth, TX with Purple Land Management. He is representing Rocky Ridge Operating. He says he has leased several acres in 21 and 29 recently. Does anyone have any information or comments about the companies and the offer. Section 29 has and old shallow well, Shoemake 1, on it and it is still producing although very limited
Don't know anything about the companies, but I would caution against the three year extended option. That can be a sign that they are not going to do anything for a long time. I never do extensions. Too much can happen in three years. I prefer to negotiate again at the end of the primary three years. Prices can go up or down in that time frame.
If he has leased them, then he hasn't filed them under either of those names as of today, so makes me wonder if he has flipped them to someone else who hasn't filed either .....or is just speculating.
No leases have been filed in 21 or 29 in the last 999 days on the website I use. And that well has no reported production since 2010 on (looked on several websites.)
There are horizontal wells in the sections surrounding, so I think the chance is good for drilling in the future when prices come back up. Most likely Springer or Woodford.
If it were me, I would find out more about who both those companies are. In this day and age, better to go with known companies with good track record and good financing. The only Rocky Ridge I found was filed on 2/8/16 in Austin, and 2/25/16 in Oklahoma City so not in business very long. Nothing against new companies, but you need to know who is running them, experience, funding, etc.
There was a lease filed in June of 2014. However, this section is HBP from a 640 spaced well from the 1970's. The pooling done for this well has no named respondents. This likely means all mineral interest owners executed oil and gas leases that are now still held by production. The area surrounding your section in 6N-6W is an active leasing area. If you were open of record, I'd expect you would have received more leases offers by now.
THAT'S A 6 YEAR LEASE IF THEY DO NOTHING!!!!!!!!! I'D SAY HECK NO!!!
Austin tx. only one I found tooooo.