S D Mier, I remember $15 oil and in the 70’s the WPT or better know as the Windfall Profits Tax that hit royalty owners also, could only buy a Chevy then!
Re. the Oceania: Does anyone have an idea what first production date or latest date that the checks should be mailed out?
I should be able to figure this out but I’m having a senior moment. Thank you
Thank you, both, to Mr. Hutchison for your prompt response to my inquiry and to Miss/Mrs/Ms. Rigtracker for your encouragement not to sell. The , both of you been most helpful.
What interest rate is owed to a mineral owner for royalties unpaid? I have minerals in a well that has been producing over ten years.
Just had our taxes figured today boys and girls and I’m here to tell you “you better save up”, OUCH!!! And we had ours put over into our corporation that had some losses from an investment from a way back to take off. Did learn that they decided to let you take off unlimited amount for automobiles for 2014 instead of the $25,000 they WERE allowing per year. But it was just for last year and the accountant said if you are going to buy one in 2015 you need to wait until the end of the year and see whether they decide to let you do it again or go back to the $25,000 limit. That worked out really well for our son who had to by a pickup for his business and thought he could only take part of it off for last year and now he can deduct it all. He was thankful for that. I asked if it would help to buy a farm and they said you have to buy 10 cows or 10 acres. I said “well, if we buy 10 cows we’d have to buy at least 10 acres!” Anyway, you can’t take off the price of the land but you can take off the improvements on it (ie: fences, ponds, buildings, etc.) Just thought that interesting and I know those of you that figure taxes all the time probably knew all that but I didn’t until today.
Bruce…we bought some little wells back in the late 1970’s and were only getting $5.00 a bbl. for the oil we sold off of it (down at Velma, Ok.) They needed to be cleaned up around the location and the pumping units worked on. Hubby and his brother did all the work themselves and when we sold them we nearly had to pay all the profit for taxes because they said you can’t deduct your own labor and that we should have hired someone to do it and we’d have been money ahead! Who knew??? That’s $5.00 a bbl.!!! And, yes, we remember the Wind Fall Profits Tax. That really hurt the oil business and killed a lot of the desire to explore for several years. “Don’t want no more of that!” 
If my old English teacher is reading this tonight. I know that last sentence would really get me in trouble! lol
Thanks M. Barnes!
Interest rate is 12% from date of first sales if you have no title problem. 6% if you have an issue.
Thanks Linda. Don Bray on the Grady forum said some service hands said the Poteet wells are “screaming”. I don’t know if that’s an oilfield term but sounds good to me. Hearings for section allocations, final orders etc are set for Monday, hope it gets done this time.
Yelp…Hutch…I do think “screaming” would be a great sign! Believe he would be talking about the gas pressure and probably lots of oil to go with them. Exciting!!!
Down through the diggings tonight. Believe at least one and maybe two of the wells on the edge of Garvin Co. just crossing into Stephens Co. might be the new Whitt wells. Heard the other day one was finished on the drilling part and they were about half way through with the other on the same pad.
There was what looked like a small drilling rig on one of the Kelly’s. Hubby said might be drilling out some plugs since we thought they were fracking what seems like only a couple of weeks ago there.
On the Vanarkel (sp?) on Section 15 2n4w in Stephens Co. was sitting a Swabbing Unit this morning.
Looked like that trucking company that was down on the South side of Highway 29 has moved out and the yard was for lease.
Still looked like a couple of the Honeycutt well rigs were up. And the trailer house was still sitting on the Poteet number 1. Still too muddy to venture down the roads to the other Poteets. That’s about all I could see from the Highway that was going on except there was a drilling rig being moved west down highway 29 and turned south somewhere (I’m guessing) around 2n6w. Of course, I don’t know how far south they intended to go.
Baker Hughes only shows five rigs in the area, 2-Honeycutts, 1-Virginia, 1-Hatchett and 1-Witt.
The Mashburn rigs moved of in January.
Michael’
I have attached two images. One is from 9-30-2014 shows 4 rigs on Mashburn. The second one is the first image I have with no Mashburn rigs 1-30-2015
I always wonder why they never talk about Oklahoma in these reports. I suppose, as someone said a few days ago, that the lack of talk about Oklahoma is a good thing. But I wonder why. Sure it’s a smaller play I guess, but oh so productive.
Thanks Gary. Cactus rig locator says they still have 3 in section 4.
I believe you. I guess cactus doesn’t update their website. I had never hear of the Baker Hughes website. Thanks.
Here is the link to Baker Hughes
The Virginia 1-9H is in T2NR4W. Surface location is in NE corner of section 16.