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Grady County, OK - Oil & Gas Discussion

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Grady County, OK - Oil & Gas Discussion

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

 

Members: 798
Latest Activity: 37 minutes ago

Discussion Forum

lease info for grady sec 18 & 19 in 5-7

Started by Kent Dunn. Last reply by John Gregory Moore on Wednesday. 1 Reply

lease info for grady sec 18 & 19 in 5-7

Started by Kent Dunn. Last reply by Hal G on Sunday. 1 Reply

Experience with companies doing a title search regarding an offer

Started by Gale Adams-Davis. Last reply by Richard Dean Lowry May 19. 8 Replies

36-9N-7W Grady

Started by Glen. Last reply by Glen May 18. 2 Replies

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Comment by Lynden Foley 37 minutes ago

Valerie et al, I was on the receiving end of that same type of scare tactic from someone who wanted to buy my minerals about a month ago.

Comment by M Barnes 7 hours ago

scare tactic-Mineral owners who do not participate in a well are paid royalties starting six months after first production-by statute!  The first check includes the six months of production-just takes that long to get all the legal title work done.  Doesn't matter if the well has paid for itself or not.  You get royalties from the first production. 

If you do not participate in the well, you do not have to pay any of the operating costs.  You have to sign a special form to participate so you would know if you did.  If the landman wants to lease, they are pretty sure it is going to make money or they wouldn't do it.  Gas wells last longer than oil wells in many places.  I have some that have been on line since 1918!

Ask that landman if he is a Certified Professional Landman.  They have to abide by a code of ethics and that statement is seriously close to a violation of that code.  Grrrr. 

If you want to share the township and range, then we may be able to give you an idea of the price range to expect.  The most important thing is to get a good lease.  Read over the last six months on this forum and see what you need to know about the lease clauses or friend me with the blue icon to the left.  The first lease they offer is rarely in your favor but the clauses can be negotiated. 

Comment by r w kennedy 7 hours ago

Valerie, sounds very much like a scare tactic. Oklahoma has forced pooling, which means you should receive an election form if you do not lease to anyone. You will have a few options to lease for highest bonus and lowest royalty or lower bonus and higher royalty. I would bear in mind that anything worth drilling at todays prices? They MUST think it's pretty good stuff. The landman wants you to lease, it's his job to get you to lease and if he can't get you to lease, the landman looks bad. Imagine if most people made an election in the pooling? Landman jobs would become scarce!

Comment by Valerie Quast 9 hours ago
Yesterday I was called by a landman who told me that if a gas well is on my property, I won't see any revenue from that well until the expenses are all paid and that a gas well's life expectancy at best is maybe 2-3 years, then you're left with mineral rights nobody will lease. Is this true or a scare tactic? Plus, if it's a nonproducing well, does that drilling company expect you to absorb any of their costs?
Comment by Joyce Giles on Wednesday

sorry some of you think that the oil co tax should be so low compared to other states we are much below theirs they need to be paying 7% if we want any thing for this state, surely you care about services, education etc., and yes I a  mineral owner,  haven't had a lease in several years.  also have a disposal well close to me, which the trucks keep the road in disrepair all the time, oil companies are not going anywhere if they raise the tax back to where it should be they go where the oil is.

Comment by M Barnes on Wednesday

The northern part of 10N-8W has had some very nice offers to lease, so hopefully, they will move south toward your sister's area.  There is a nice Woodford horizontal well in 34 just a few miles from your sister, so that is encouraging. 

If you get an offer, always ask for more than what they offer. 

Comment by Debra Cummings on Wednesday

Old time vertical wells cost "several hundred thousand dollars each."

New horizontal wells cost up to $10 MILLION each.

Oil and natural gas historically have been produced from relatively shallow, vertical wells that cost several hundred thousand dollars each. Today, the vast majority of wells are horizontal wells that cost $6 million to $10 million each.

http://newsok.com/article/5507460

The oil companies deserve a fair, reasonable and temporary tax incentive of 2% of gross production for the first 3 years to help pay for this huge initial investment.

That fair, reasonable and temporary tax incentive for new horizontal wells helps keep Oklahoma competitive with Texas, since Texas has NO INCOME TAX!

Comment by Michael Edward Mager on Tuesday
Thanks, M Barnes. We, too, are sitting on a total of 52 acres, and watching this closely
Comment by Valerie Quast on Tuesday
Thanks M Barnes for your reply. My sister lives in OK and she has 53 acres if mineral rights that she wants to sell. She is especially concerned about selling quickly since she's hearing this on the news. I'll tell her to relax and wait for a better offer to buy her 29-10-8 Grady Co mineral rights.
Comment by carolyn diane stegall on Tuesday

Thanks Jamie for the information.  I have heard that they have a lot invested in the well so hope this does not mean they don't have plans to continue.  

 

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