hello all
I know nothing about oil leases, mineral rights, and oil drilling in general, and am hoping for some direction and referrals .
Last week's mail contained a registered letter containing copies of court filings sent by an attorney for Continental Resources, and various pitches from land men to lease mineral rights my family owns where they plan to drill. That is:
Section 24 Township 3 North Range 5 Grady County.
The first part of the address, I thought this is South Africa.
Last year NorthWest wanted leases on Section 33 Township 4 North, Range 5 West Grady County. NorthWest aka Newfield exploration aka Miller Properties, who's on first out there?
What happened to the sucker meant to go on section 33. Did Continental buy out NorthWest? If I signed a lease on section 33 to Northwest, maybe Continental owns it now?
How far is Section 33 Township 4 N Range 5 from section 24 Township 3, as the crow flies?
So on Oct 12 Continental announced the discovery of potentially huge oil fields in Grady County. I guess my grandfather discovered it before Continental because he bought the mineral rights there. Are the proverbial family oil wells we only joked about actually going to gush with black gold? If so, don't i want to be there?
(I would like to know that history, what caused Poppy and his siblings all to buy some mineral rights. Rumors that they were going to drill way back then?)
My great grandmother and great-aunts are listed as mineral rights owners on the court documents. Their shares are unclaimed. I can prove their relation, but I have no idea how to go about making a claim to these unclaimed portions of my relatives for my sisters, cousins, and myself. How to find out who owns what now? Lawyer or title company?
How many wells get drilled per acre, or per section? How much room does a well take up? Does a company like Continental drill in a grid, section by section? If one well hits, another one gets drilled very close? What is the point of testing the Woodford formation?
How can one guesstimate the potential of future royalties? How long does a well keep producing oil? Is it new technology that makes this oil fields worth drilling now?
What about this first option on all these proposed leases, the right to participate to my full interest? They be talking like wildcatting?
What's the risk/reward on that kind of participation?
Environmental concerns: the drilling permit I saw online for an well nearby mentions a sensitive hydrological zone, and the aquifer..... What are the water issues involved in this drilling?
Lots of questions here. Answers to any appreciated.