None of you in this conversation wants to listen to the points each of you have… .then it resorts to name calling or maybe just plain bullying! But down the beers or cocktails and please just stop the back and forth… there’s no outcome ,no value added to your comments! I guess I just became the next target…bully!
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Mischaracterizing what I said to make a “straw man” argument is a logical fallacy.
Not as far as I am concerned. I figure the newbys would have stopped reading a long time ago and there is nobody here but us chickens–as the old joke goes…
Back to the original question 17-8N-4W. Given that section 19 catty corner to you had a $15,000/ac offer this year, I would say that $6000/ac is pretty low. Of course, the amount offered is tied to the royalty. 1/8th will get lower offers than 1/5th, etc. EOG Resources has received an increased density order for four additional horizontal wells in the Woodford for that section with some nice reserves listed on the application (read them with a grain of salt). It is quite common to get an offer to buy when these increased density cases are filed. Personally, I have found sales offers to be quite low in these increased density cases. EOG is one of the best horizonal drillers in the business.
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If someone is offering $6500 for your minerals, they probably feel like they will make 4X or 5X that in the not so distant future. Would you rather have a fast nickel or a slow dollar? One thing about selling your minerals, you will likely never be able to buy them back at anywhere near the price you sold them for if at all. Once you make a bunch of money off of them, you still own them. And new technology always seems to bring them back in play. The only way I can see ever selling is if you get some off the charts buy offer that puts you into a million or more dollars.
I like chickens…
Wells are permitted as well, there have been some really good initial well results in 8N 4W -
The Larry 1H-22X in S27/S22 is a strong well - and directly offsetting S17 to the south east in S21 is the Curry 21X - another good well. Both have cummed over 200,000 BBls in the first 10 months
There are no density (mutli-well units) in that area, so it will be interesting to see the results when these four wells come online.
I would agree with Martha, $6000 is too low - even if the lease was an 1/8th.
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So sorry to hurt your feeling Rick. I didn’t see any name calling, maybe I missed that and unfortunately I guess my original post about risk and return was a waste of electrons as there was no value to the comments.
Chester,
It appears no one has addressed your question regarding activity in Sec 17 08N 04W. We are also mineral right holders in the area, and here is what we know, hopefully others can fill in additional information if I miss anything.
In about 2013 Charter Oak drilled a vertical well in this section which produced a little oil and natural gas over the next few years. In about 2016 or 17, Charter Oak sold their right to future development in the area to EOG Resources, which had many more resources to develop. Early in 2018 EOG filed with the OCC to drill four multi-unit horizontal fracked wells from Section 8 08N 04W to Section 17 08N 04W. Those wells were completed 8/10/18, but were not given permission to produce until late October. We are expecting division orders on those wells sometime in early 2019. No production figures have been posted as yet, as these take several months to show up on the OK tax commission website. These wells are named Wilson 0817 1H through 4H.
In addition to these four wells, they were given permission in June 2018 to drill four horizontal fracked wells contained within section 17. Haven’t seen anything regarding progress, but if drilling began soon after permission was granted, it would seem that completion notices should be appearing in the next few weeks.
A very exciting time in this section.
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great info. will be interesting to see how they hold up as compered to the single well offsets
Mary, thanks for the response. That was information I was looking for. Information I just received yesterday, We have 1/8th interest in the 13 acres.
Our family has 10 NMA in McClain County, OK. Offers have ranged from $3,000 to $10,000. The most recent on 11/2 was as follows: $10,000 - No lease $8,500 - 1/4 $6,900 - 1/5 $6,500 - 3/16
Thanks for the posts this was very helpful. All I own is .625 of an acre so small but excited to see any kind of $ come in. I had a lease for 3/16 with Dudley Land company who sold it to EOG. I have had 30 plus offers up to 15k per acre and a ton of legal paperwork on the wells. Still waiting and wondering… I thought they had 6 months from first sales to send you a check or they owe you 12% interest but I dont know when first sales on Section 8-8n 4w Wilson wells 1-4 was. I think I have interest in section 17 but do not have a lease on that.
Hello Andrew,
The Wilson 0817 1H through 4H wells started production in August 2018. We have mineral interest in 17 08N 04W, which is the bottom end of those wells. Expecting division orders any day, always takes longer on multi-section wells. Also, they are drilling 5H through 7H. Started drilling in February. They may be completed before we see the first royalty checks on 1H - 4H.