How do I value property in Garfield County, OK, which is not currently producing minerals but has wells drilled, and may produce in the future? Thank you for any help with this.
IMHO, if the minerals are not leased and not producing, the value is very near zero.
When you say the wells were drilled but not producing, when were they drilled? Recently? That would be an entirely different story if they were new wells. If you include a township/range/section we can take a look at it in more detail.
Thank you for helping.
They’re Garfield County, OK Sec. 15/ Town. 20N/ 5W and Sec. 2-20N-15W
Do you mean 5 W or 15W? 15W is in Major County.
Sorry… it’s 5W, my typing is awfully slow
2-20N-5W Myrna 1 is still barely alive, but in the SW4. If your acreage is not in the SW4, then no royalties for you. There was a horizontal well but production ceased in May 2020. The last OCC case was in 2018 when Longfellow sold to SK Nemaha LLC. No new leasing.
15-20N-5W- Last production was from the Rita Belle 6 which stopped in June 2021. It was in the NW4. Other wells ceased production before then. Last OCC case was in 2018 when Longfellow sold to SK Nemaha LLC. No new leasing since 2012.
Not an active area at this time, so value would be very low.
Thank you for your incredibly thorough research. I hadn’t received any royalties for several years so was pretty certain the current valuation is low.
Take care and thanks again, Mrs. M
Sorry to bear bad news. But it is what it is. There was some interest in parts of Garfield a few years ago, but that has waned for the moment.
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