Buddy/Michael, I understand your concern and the reason for my posts were not a solicitation, from what I have read on these boards, many people like M Barnes and many others can offer a vast amount of information, I was just offering a service for individual research completely free but allowing a direct email correspondence if for any reason someone felt that the question needed to be anonymous. All questions I have received the past 2/3 days could probably attest to this but I appreciate the governing you are doing and will humbly withdrawal my posts from your wall.
I was contacted by an oil company to lease, we agreed on terms, they sent the papers, I signed and sent them back. I got a call today saying the oil company will not honor the lease because they aren’t leasing while the oil prices are so low. Am I out of luck (and several thousand dollars) now?
You know hubby and I (mostly hubby) still chose to get our payment through snail mail but I click on the oil company website to see if they posted what our checks will be. CR had it posted yesterday but I suppose Newfield will wait until this evening because they hadn’t posted theirs when I checked last night. I figure it will be about half what it was last time but hopefully not as they keep us two months behind. The check on the Claudine was not down that much since it’s mainly a gas well.
Another thing I did last night was to go to the public county records online and saw that there have been several “oil and gas leases” recorded for section 34 2n4w within the last week or two. That’s encouraging! Several were leased by Continental and other biggies. (forgot the name of one of them). Red Rock had recorded one also. Good to at least see they are doing something even after the slow down.
Thanks Buddy, nice to have someone else to point out these rules.
Linda, I guess it depends on your interpretation of what he said. Offering to answer questions seemed innocent enough but I took “offer our services” as a for pay proposition. Kind of like a car salesman saying come by and visit.
Lynn, this can be a tricky spot and unfortunately it happens a lot. Most will say during the “draft” period the lessee can find almost any reason not to pay. Also without the payment to you and filing of the lease, the contract is not fulfilled in full. It never hurts to call back and try to push for the contract to be fulfilled since you went so far in the process. It never hurts to ask and even call the oil company, not the brokerage to pursue further.
Good morning everyone! Linda I noticed that last Tuesday you posted about the new Foster Well! Would that be the Foster 1-29H in 29 1S 5W being drilled by XTO?
K Dawn
Thank you M Barnes! These should be be pretty good ones right? Do you know any other information about them? I just wanted to have some great information to give my Aunt Pat! Put a big smile on her face for the day!
Thank you Miss Linda; I can see how confusing it could be with all different wells and information that rapidly changes. I appreciate you sharing with us! Even if we have to clarify later sometimes. It’s exciting! I should receive on 3 wells so far! Looking forward to starting my new royalty relations with XTO and Marathon in 2015!
Lynn,
Read the draft, or the order of payment instrument. Nobody can make a qualified remark without seeing the documents in front of you. If you are able to uplad them, do so – redacting the price and name, etc, - and perhaps a qualified person can offer up an opinion.
Best
Buddy Cotten
Hope everyone’s day shapes up to be amazing! Maybe our sunny weather will return today! I’m sure all the people visiting Phoenix & Scottsdale for the US Open and the Super Bowl were very disappointed the last couple of days. My question is, “from time to time on the oceweb information disappears.” This morning I wanted to call my Aunt Pat and tell her about the Clarence 1-29H28 and the Foster 1-29H that I found the other night being drilled by XTO in 29 1S 5W. Now I can’t find anything on them??
Congrats K Dawn…on your expected new oil and gas babies!
James,
Kelly 2H-11X Spud 9/21/14
Kelly 3H-11X Spud 11/26/14
Kelly 4H-11X Spud 11/08/14
Kelly 5H-11X Spud 11/16/14
Kelly 6H-11X Spud 10/16/14
Don’t expect completion info any time soon. Will take about four months to drill and another four-six months to find out about completion.
K Dawn,
On the Foster and the Clarence, we will know in a few months. They should be in the oil zone of the Woodford.
We have received an offer of $2000/acre and 20% royalty (down from %22 in the original contact) for Stphens County, Section 16, Township 2N, Range 5W. Haven’t been able to find out what others in the area are being offered. If memory serves, Rick Howells you have minerals in the same area? Can you (or anyone else) let me know if this is more or less the going rate? Should I be holding out for better terms? Thanks…
Also, the contact was from an agent, not an actual oil (drilling) firm. Do I need to find out who would have the drilling rights? I understand that some companies are better than others to deal with. Also, one might be more actively pursuing drilling in an area than another. How can I make sure I am connecting with the best possibility of actual drilling?
Well, K Dawn…I was confused about whether the report hubby told me about was the Foster or the Forest but after seeing the link that M Barnes put on just now I guess it was about the Forest because it was a completion report about how much oil and gas it was making. Looks like the Foster isn’t that far along yet.
Thank you for the info M Barnes. Hopefully they will take their time drilling these and allow prices to recover a bit. I just got my check for the Boles wells this weekend and it was a huge disappointment compared to what it would have been at last summer prices. I guess we can’t complain too much, it is all a gift.
Does anyone have progress/production info on 17-1N-6W?
My 94 yr. old mother in law finally got her check for the first four months of the Studdard well ( that’s in Garvin) and she was sooo tickled every time hubby told her about it today! (several times—there are advantages to having Dementia I guess:)
Does anyone have spud dates or any completion information on the new Kelly wells? I have tried to speak to newfield and have not gotten anywhere with them information wise.