Anadarko didn’t get 70% of the acreage. They’re securing operatorship of 70% of the wells which were subject to the JV. Their WI/NRI remains the same.
Mike, Did you lease your minerals in Section 1?
I have mineral interests in Sec 63, blk 34. Jagged Peak has yet to send any royalty. January will be the expiration of their 2 year extension (based upon the date of their bonus check from 2016). Can anyone tell me what is going on there? Does it look like I may be looking to lease and if so what might I expect for a bonus?
The date of expiration of your lease depends on the written terms of the lease, not date of bonus check. Seems your your lease had a 3 year primary term plus option to extend, and that Jagged Peak has paid the option bonus. Most extension options are 2 years. If so, then the expiration date is 5 years (3 primary term + 2 year extension) from the original lease date. If your option is only 1 year, then the expiration will be 4 years from original lease date.
I agree on Jagged Peak. We have been pleased with our relationship.
No. The approved permit states that they will begin drilling in Section 73 and the horizontal leg will end in Section 74. Jagged Peak is nearby and coming in your direction. From what I understand Jagged is a very reputable company. Try to be calm. If you will look at the map you can see the lateral/horizontal leg of the well going from Section 73 into and ending in Section 74.
BE PATIENT
Clint Liles
Link to Jagged Peak well 475-37287:
http://webapps.rrc.state.tx.us/DP/drillDownQueryAction.do?fromPubli…
Clint Liles
Good Morning My Friend Linton.
http://webapps.rrc.state.tx.us/DP/drillDownQueryAction.do?fromPubli…
Clint Liles
Susan, Try to be patient. Jagged Peak has an approved permit as of August 16, 2017 for a well(37287 next door in Section 73 ending in Section 74.
Patience is the word of the day…be calm…big smile…Christmas is not far off and you might have an approved permit for a Christmas present…Think positive.
GIS Map of Ward County Section 63/Block 34:
CLICK ON MAP TO ENLARGE
Clint Liles
Clint, in order to retain lease doesn’t Jagged Peak need to be producing by lease expiration? You say they’re approved next section over (sec 73)- are you suggesting they may drill laterally from there into sec 63?
Thank you Clint.
There are some new permits adjacent to you. I don’t see any completions or production yet.
Hello all - I am new to the group as of today and appreciate the dialogue. I have a little under 6 nma in Ward County W/4 Sec 202 Blk 34 H&TC RR Co Survey. Currently under lease but have had significant interest lately in top leasing at very aggressive prices. Has anyone experienced similar activity and know what leases are going for these days? Thank you. David
Linda,
Email sent.
Clint Liles
Hello fellow MR owners. Does anyone know if there is anything going on in Section 59, Block 34, H&TC? We have had property in the family there for decades, never heard much over the years, have a current lease with Jagged Peak. We have gotten two offers in the last month of $14,541 and $15,898 per ma. I have no idea if these are good offers or should we hold on and see what happens. Any info or advise is appreciated!
Linda, Jagged Peak filed a permit for State 5913A GG 2H (API 42-475-37226) well in July 2017 which is for a 2 mile lateral through the NE/2 NE/2 of Section 59, Block 34 and Section 13, GG Houston Survey. Looks like the drilling finished in July, but the well may not yet be fracked. On October 14, 2017, Jagged Peak spudded the State Email Queen 1359 GG 2H (API 42-475-37284) in SE/2 of Section 59 and with a 2 mile lateral through Section 13. With 2 wells coming on-stream, it is no wonder that you are getting purchase offers.
Is anyone with surface rights negotiating with Medallion Delaware Express Pipeline for an easement in Ward County? I am familiar with the University of Texas rates which are stated as minimums. I was wondering what rates were being consummated. Thanks in Advance for your thoughts!
Mr. Bryant, We granted an easement on our Ward County property to Medallion Delaware Express, LLC just last month at $180/rod after their initial offer of $120/rod. They were good to deal with and payment was quick. Best regards, Bob Dennis
Mr. Dennis,
Thank You for the information. Were those rates for a 10 year term or permanent easement? If a specified term: renewal price with CPI adjustment as well? The Univ of Texas also requires removal at termination (not that that happen anytime soon).
Thanks Again,
Charles
Got our 6th offer in just over a month to purchase our property in Sect 59, block 34 but this one had a different twist. KEW Drilling offered to buy a portion of the royalties from our current lease with Jagged Peak. Interestingly enough, Jagged Peak took over the lease from KEW 16 months ago. They also offered to buy the land, min rights etc, but the offer is less than a couple others. Does anyone have any advice about selling the royalty rights…my instinct tells me it’s not a good idea…I would lose the potential for future profits. Any thoughts?