Just received an offer for 30 net acres in the above Carter County section.
I haven't leased this property in a few years and was wondering what the going rate is and who is leasing in the area. TC Craighead & Company is who I have the offer from.
I did give permission early 2012 for a seismic survey of this property but do not know if they are related.
Thanks for any insight you can provide.
We need a legal description to pin it down. Carter county can vary greatly depending on the exact location.
Hi Rick. Here is the legal description.
NEWPORT 23-11 – NE SW NW; S/2 SW NW and all that part of
SE NW lying South and West of center bed of Caddo Creek;
and S/2 SE NW; N/2 NW SW; S/2 S/2 NW SW; SW SW; NE SE SW;
South 6 acres of NW SE SW; SW SE SW; E/2 NE SW; NW SE; and
all that part of the NE SE lying South and West of Center bed
of Caddo Creek, Sec. 23, T3S-R1W, Carter County, OK.
Bryan,
I owe you an apology. The primary legal was in the title and you even said the "above Carter County section" and I flat missed it. I'm so sorry you had to type that extended description because of my oversight.
A section 3 miles west pooled for $200 and 3/16.
With the multiple plays going on in the area, I would be very careful on how I leased it. There should be some potential in several zones and you might have a chance to lease accordingly. One lease limited to the base of the Sycamore, and another lease from the base of the Sycamore and below. (the latter would cover the Woodford and Hunton formations). Both with depth and Pugh clauses.
I only show 1 lease filed in that section which was filed last week by TC Craighead. Only TC Craighead has leased recently in the immediate surrounding sections. In the last year, within the 3S-1W township, Apache, Black Mountain, Continental, Paul Burton, Charter Oak, and Petroven have filed leases.
I don't see any applications, permits, or completions in the township so it may be early to maximize your lease potential.
Rick,
No problem. Cut and past works well! Craighead is who has contacted me. I had not thought about a zone approach. I will go and look up the Pugh clause. What are typical depth clause ranges? I know the seismic they did last year was to go down to 18,000 feet.
Hi Bryan
I’m wondering how your lease turned out for you? I have interests in Sec24,25 3S, 1W that I have been waiting for someone to lease. It seems that, as people have said, the oil is spotty in the SCOOP oil play. I’m hoping your lease is good. Were you able to get leases for different plays? That would be a great thing to add to my leases. Anyway thanks for anything you can provide.
Hi Rick,
Sorry for the slow response. I ended up getting two offers but haven't accepted either. The first offer was lower and offered a depth, Pugh, Mittlestadt, and shut in clause. However, they would not do a zone clause. The basics of this offer was a 3/16 royalty. The second offer was for $200 more an acre and still 3/16, but they would offer no clauses. They also offered 1/4 royalty with no payment. Ideally, I am wanting an offer in between the two.
Hi Bryan
Well hope your offer has come in. The negotiations seem harder this year on my leases. I'm having trouble getting a pugh clause that is not just everything down to a certain depth belongs to them.
Thanks for your response and good luck.
I would like to talk to you more about your interest. Please message me
Hi James, Just saw this. Our interest is CARTER - SEC 24, 25, T 3S, RG 1West of I. M. A - 106.25 ACRES, 5/6 OF 127.5 E/2 SE/4 S4/4 SEC 24 + NE4 NE/4 NW/4; S/2 N/2 NE/4; N/2 S/2 NE/4; SE/4 SW/4 NE/4 + I don’t know how to message you so I hope you see this. Rick