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Garfield County, OK - Oil & Gas Discussion

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Garfield County, OK - Oil & Gas Discussion

Oil & gas discussion group for those interested in Garfield County, OK. Share your experience regarding lease bonus, royalty rates, drilling activity, and oil & gas news.

Members: 106
Latest Activity: on Friday

Discussion Forum

Garfield County OK Oil & Gas Permits

Started by Dave Thompson. Last reply by Clint Liles on Friday. 300 Replies

Post, discuss and share information related to Garfield County Oil & Gas permits in the replies below.Thank you to Clint Liles for championing the effort to keep us all up to date.Continue

Surface Damage Agreements

Started by John Dowers Dec 7, 2014. 0 Replies

I am in the early stage of negotiating a Surface Damage Agreement in western Garfield county.I would appreciate any input/experiences from my fellow land/mineral owners as to rates and agreements…Continue

Minerals For Sale Going Rates and Current Lease Bonus Rates

Started by Sandra. Last reply by Deborah Lynne Gerst Dec 6, 2014. 3 Replies

What kind of offers have you gotten on your producing and nonproducing minerals in Payne, Logan and Garfield Counties.  Who is buying and who is making the best offers.  Post $$ amount offered and if…Continue

New Energy Daily Newsletter and Website dedicated to Oklahoma Energy

Started by Tim West Dec 2, 2014. 0 Replies

There is a new service which debuted last month called OK Energy Today. com. It's a daily newsletter which comes to your Inbox every day, and delivers Energy News headlines from Oklahoma and the…Continue

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Comment by Martha McMorries on Thursday

Traders are storing Africa's oil in the US until price go back up.  I don't know any traders who will wait 5 years for a return on their investment. Africa and other non developed countries don't have the refineries to handle their oil. Traders are buying it cheap and will turn a handsome profit in the next 2 years. http://thewoodfordshale.net/2015/01/16/oil-traders-to-store-w-afric...

Comment by Martha McMorries on Thursday

Virginia, the storage tanks may be for Sunoco's new granite wash extension pipeline.  Sunoco had to build the extension because Cushing can't handle the granite wash due to the fact that Kinder Morgan just bought Hiland's assets including its new 84,000 barrels per day Double H pipeline, which is slated to start moving Bakken crude to Wyoming by the end of January 2015. There the Double H connects to Tallgrass Energy Partners' Pony Express pipeline, which moves crude to the U.S. oil futures hub in Cushing, Oklahoma. Also, they have started drilling verticals in the OK granite wash, so production can continue below $40 per barrel.  http://www.reuters.com/article/2015/01/21/us-usa-pipeline-oil-factb...

http://www.sunocologistics.com/granitewashextension/

Comment by Virginia Pflum on Thursday

Linda,

Where in western Oklahoma are they building these storage tanks?  And who is building them?  Is it in Woods Co?  It takes a long time to built these tanks farms, so I don't see how they can be done by summer.  But, I know the pipelines are flowing from Woods Co to Cushing.  And I think they are building a new one from Colo to Cushing.  

I feel we will start seeing a little hill upward within 2 years or less and in 5 years we will be almost at the top again.  At least I'm betting on that, so oil stocks are low and I'm hoping for a little profit in 5 years.  We need to watch what is happening overseas, then we will have a better idea what is going to happen.  I feel several small oil companies will hit the dust, be bought out or merged, guess time will tell.

Comment by Linda Barbour on Thursday

Martha,I have heard they are putting in a lot of multimillion barrel storage tanks in western Okla in order to wait out the low oil prices.Unfortunately it may be a very long time before we see a decent royalty check again.

Comment by Martha McMorries on Thursday

Linda, Yes, absolutely.  The good news is that there is only so much storage, so eventually they will have to sell some and mineral owners will get paid.  However, they will not full out produce until tge prices go up and some long term contracts are taken at that the higher prices.

Comment by Linda Barbour on Thursday

Am assuming royalty checks are based on sales rather than production?

Comment by Martha McMorries on Thursday

Virginia, I've seen some wells greatly benefit from fracking surrounding wells and there's some amazing EOR being developed that will drive production. Also, new technology is making it possible to image the subsalts and presalts and there is no limit to oil and gas below the salts.  Whether on shore or off, buried salt is a blessing to oil and gas, because salt creates the heat that cooks the immature hydrocarbons.  This is sure not the oil and gas industry of my youth.  

Comment by Virginia Pflum on Thursday

Deborah,

Martha is right on most of the wells being shut down or almost shut in because of oil prices.  They are only producing enough to keep them active.  But, I don't think the Eason well is any good according to OCC records.  I'm really surprised they are even keeping it open.  I will feel lucky if I get a check every other month as they have a $100 min. before they mail a check. 

Comment by Martha McMorries on Thursday

Deborah, I have a well in Payne that production averaged 200 barrels per day for the months of Aug, Sept, and Oct 2014, so that's 6000 barrel per month, but the OTC gross production reports shows that it produced 5 barrels per month for Aug, Sept and Oct.  That's because they only sold 5 of the 6000 barrels per month.  OTC only reports what is sold, not what is produced, because the operator only has to pay taxes on what is sold.  They are storing the production, not selling it.   The only reason they sold 5 barrels is to keep the well on active status, otherwise it would be shut in.   We will not get accurate production reports from the OCC or OTC until oil prices stabilize. 

Comment by Deborah Lynne Gerst on Thursday

Linda, thanks I had already found the gross production report and Transportation Report figures, not much, in fact looking at the gas I had wondered if I wasn't actually producing more gas than oil! 

 

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