Hi all, looking for current info on this section. Lease rates,Drilling info ,anything new going on? I hava a small intrest in this section.With lease ending in December 2019. Noble wants 3 year extension for $8500 sounds low to me. Any info would be greatly appreciated.
That’s their first offer. I accepted $12K from a other company. But I don’t know what section you’re in. But, I do know that if that’s their first offer, it’s no their best and final offer.
OK I see the Section Same as mine. I went with Veracity who sold to Double Eagle.
We leased in 2018 for 10K per acre. To Noble. For a 2 year extension.
Thanks for the info. Im in block 1
C271,
NEVER accept a "First Offer". As I can not determine where your section is, I can not research the possible mineral properties of your properties. However, if you can find the Section, Township, and Range of your property I will be able to educate yourself as to the potential mineral properties of your property and will give you an unbiased evaluation of that property. I have a lifetime of working in all aspects of the drilling and completions operations of producting company's, along with Primary, Secondary, and Tertiary recovery operations.
My best regards,
Stephen Watkins
Any permits yet for sections 270 or 271 block 13 Toyah valley? Did a two year extension lease with Rosetta (now Noble) 18 months ago. Thanks.
Our extension lease with Noble expired March 4th 2020. How long until we can expect new offers do you think?
After signing the lease, say 3 years ago, Noble only had to drill to complete their end of the deal. You don’t get another bonus. Maybe if they abandon the well in the future for set time period in your lease would things change.
Received an offer to lease sections 270/271 this past week. Offer is 7k pnma and ¼ royalty, three year mutually acceptable lease. Think this is a good offer considering the oil crises?
Yes, take there money & run with it to the bank.
Not a good offer. That Section will be drilling a lot next March. Remember, you may only get a Bonus once for a very long time. tt just ties up the property for 3 years and if they drill, which they most certainly will,You will not get another Bonus for a very long time The production is stalled right now, but Centennial pays well for this very Section. I know since I get royalties for these 2 Sections.
We negotiated the bonus to 10k pnma. 3 years lease, 1/4 royalty. Now we are negotiating the lease language.
Rick, we just received an offer for our property in 271 but it was very low. Would you be willing to say what company made your offer and whether or not you are using an attorney for the negotiations? We used Wade Caldwell 3 yrs ago for our lease with Noble. It expired early this year. Any info would be very helpful.
I wish we could message one another. The lease is under negotiation still, the language, and I hesitate to post anything other than yes we have an attorney doing the negotiations. I would recommend you use an attorney again. We last leased to Noble too. Sorry. I can’t be more specific at this time.
That’s quite alright. I did contact the attorney that handled our 2017 lease today and hopefully we’ll hear back soon. Thanks for your reply!
NMA, I something you need to research. In some locations, possibly yours, have multiple, exploitative reservoirs. Start deep and research from there “UP”! Once you are familiar with all “Possible” formations and their place in your lease, THEN and only then do you negotiate your lease!! Our family has done this and have Royalties on multiple formations, of which only the deepest formation has been accessed with very good results!!
S
Can you expand on multiple, exploitative reservoirs? Leases can be negotiated for different formations?
Hi, Brenda. How do you know they will be drilling next March? Has permits been pulled? Just curious I also own in 271. Got a new offer today for $16,000 pnma. But might hold on for awhile.
Was that 16K to lease or sell?