We have mineral interests in this tract of land and we have been contacted by Red River Energy, LLC about a purchase offer. If anyone could provide information about this company, it would be appreciated. Does anyone have information about activity in this area? What is a fair purchase offer on this tract of lands mineral interests? Thank you in advance for your help.
Roy,
Continental Resources has drilled wells in sections 21 & 32-7N/5W Production results have not yet been posted. They paid lease bonus's between $500 and 900 per acre with royalty of 3/16 or 1/8. I don't know what a fair offer to purchase would be but you can count on one thing their aim is to make a healthy profit on the transaction. If you are not in immediate need of the money a more prudent choice might be to wait and see if drilling continues in the area and possibly lease your mineral rights and hopefully one day collect royaltys.
I got a solictation from Red River too but I did not consider it.
Thank you for your response...I am new at this and any help is appreciated. Roy
Roy first of al welcome to the forum. I would suggest that you also join the Cana Woodford Shale Group. If you have the time you might read the comment wall and the discussions in each of the forums. There have been several discussions concerning selling minerals to these groups that will mail you offers weekly since there is activity in the area. By checking the lease records for your section in Grady County most of the leases in your section is held by the land company working for Newfield and some by Continental, both major players in the area. Do not be afaird to ask questions and get involved in the forum, many knowledgable people and all of us are learning new things every day to improve ourselves as mineral owners. I do not know how many acreas you own but my sugguestion is not to sell unless you get a really good offer and need to financialy. I was lucky and had a well drilled in my area and it is a good well not one of the great ones but we will be geting a good royality check and have the possibility of five or more wells drilled on that section in the future.I have a special file for the letter offers to sell my minerals, even now after they drilled, it called the trash can.
Thanks....I will join the Cana Woodford Shale Group as well.
Where can I find the amount of production on an old well that is supposedly producing in sec 28, 7N, 5W. My parents leased these mineral rights many years ago and they have not received any royalties in quite a while. How long can the Oil company keep the rights with little or no production? Thank you, Roy
Roy, send me a friend request and I'll see if I can help you. If it is the Moore 1-28, the last sale date was Aug 2011.