My brother-in-law has been handling my husband’s and his other brothers mineral rights their dad gave them around 15 years ago. The brothers decided to sell their rights several months ago but my husband and I decided to keep my husbands percentage. The thought of my father-in-law being alive to see his son become an oil baron (just kidding) from the farm he grew up on was to good to give it up! We have received around 10 offers to buy/sell our rights over the past six months so it appears there is interest in this area. I think this is part of the Mississippian play and would like to find out more information. We have just a small percentage but all of this is so interesting to me. I went to the OCC website to try to figure it out but ended up scratching my head for twenty minutes and decided I needed some additional help.
Thanks in advance for any help anyone can provide.
Are your husbands minerals leased? There are Sections in Logan that they're getting ready to drill, but the drought is slowing things up a bit! I think you've made the right decision not to sell because, from what I've been able to see there's a lot of activity going on especially, in North Logan County.
Also, if you'll pull up Superior Oil website they have a map of the Mississippi Play that's outlined.
OCC website is not a easy site to navigate. I've been at this for nearly a year now and still haven't figured everything out yet, but you might want to search the weekly dockets for the sections around you to see what comes up! Maybe there's others who can offer tips to be able to find out what's going on since, the oil co's. are so tight lipped!
I think a lot of offers are going out to everybody who has minerals in Logan! I've received 12-13 offers to purchase so far and three of those offers were from the same company who started out with a $800. pnma to $1850. within a 2 month period!
There's a lot of members who are experts in the field, so don't be shy in asking any questions you might have!
Thanks so much for your prompt and courteous reply. I appreciate your encouragement regarding this web site as well as your thoughts on us keeping the mineral rights. I feel so much better knowing I’m not a complete idiot regarding the OCC website:) How did you learn to navigate it?
17-18n-3w has been pooled by Devon and they were ordered to pay $400 & 3/16th to anyone who didn't take a working interest. I didn't see your name on pooling so I guess you have leased. No permit to drill filed for yet. Section 19 &20 are drilling now. 18 has been pooled. I will check 18-4 now.
Their is lots of drilling or going to be drilling if it ever rains again. Do not sell. I have had offers of $2,000 per A, but their is a good well on the property.
Some of these wells are making from 40 to 280 BBd, plus lots of gas. So, you may be able to make more in 2 years than what you get up front on selling.
Also, leasing is going for about $500 or so in the area with 3/16.
OCC web site isn't easy to use. But you can call Donna or Junior at OCC, 405-521-2613 and they can walk you through how to use the web site. They are wonderful people and very helpful.
17-18n-4w has had a pooling hearing on 8/7/12 and is waiting on the order. That also must be leased because you name was not on pooling. Section 1 was pooled 9/12 ordered to offer 400 for 1/8th , 350 for 1/6th or 325 for 3/16th. No drilling on these sections yet.
You are awesome! I truly appreciate the time you spent and the information you found for me? I’m a little confused on some of the terms but I think I can figure it out.
This is a really dumb question especially from the daughter of a retired geophysicist. I take it the reason there is not much drilling is because the ground is too hard from lack of rain?
It doesn't matter how hard the ground is, but without water, they can not drill. It takes about 100,000 to 300,000 barrels of water to drill one well or about this amount. Usually this water comes from ponds near the area of the well. From what I saw the last time I was at the farm, they were hauling water from the city lake. I figured they were paying at least 45 cent a barrel plus hauling. So this is very expenses. Also, since it's been so dry, even if the farmer does have water in his pond, he needs it for his cattle.
Boy am I embarrassed. My dad is going to have a good laugh after I tell him about the dumb question I asked. Anyways, I’m heading outside to do my rain dance!
Their is a site where you can look up all the oil and gas terms, can't remember where it is. But if you will google oil and gas terms you will find it. Also, one of the oil companies did a great video on H drilling. Lots of good information nowadays on line. Sure not like the old days when people didn't know.
Karen, If you do get an offer for a lease, I suggest that you have an attorney look at it. Nowadays a lease has lots of loop holes, mostly for the oil company. Also, if they offer you $200, you can always ask for a little more and may get it, depends how bad they need it.
Their is a site where you can look up all the oil and gas terms, can't remember where it is. But if you will google oil and gas terms you will find it. Also, one of the oil companies did a great video on H drilling. Lots of good information nowadays on line. Sure not like the old days when people didn't know.
Karen, If you do get an offer for a lease, I suggest that you have an attorney look at it. Nowadays a lease has lots of loop holes, mostly for the oil company. Also, if they offer you $200, you can always ask for a little more and may get it, depends how bad they need it.
Hi Karen. Keep your minerals. The latest offer to buy has been 2800 dollars per acre for me in N. Logan Co. Might as well keep them and see what kind of oil you have under the old farm. There is a good oil and gas attorney in Perry that also handles sales leases and contracts. His name is Nikki Leach. He can help you out.