Hello,
I have been offered 7,500 a acre on the Odom 33-8N-6W.
Does anyone know if there will be more wells drilled, or if this is a good offer and if not what is a good offer?
Thank you!
Debra,
You best check your lease records against the offer. The Oden well is not in 33-8N-6W but in 15-5N-8W and hasn't produced since 1998. Your lease in 33 appear to have expired at the end of the primary term. As far as the offer goes, it seems that production from the Woodford Formation is very likely to come from Section 33 eventually as there are horizontal wells being permitted and completed in every direction from that location.
If you have a better use for the money now than waiting for a much larger amount later, get some professional help in submitting a counter offer that will get you what you want for a quantity you know you want to sell and close at a time certain. Be careful not to tie up your property without an agreement of specifics.
Debra,
I cannot find any filings or activity that indicates more wells are currently being planned to produce from Sec. 33-8N-6W; however, some offers come from people who have access to information before it becomes public. Based on regional activity, I would say additional wells are very likely but I don't know if they will be drilled next year or ten years from now. Initial offers are almost always extremely low but I cannot tell you what would be a good offer. The Odom 1-4-33XH has just been a so-so well so development has not been as rapid.
O.K. thank you
Hi Gary, it's the Odom well.
That is something to think about, thank you.