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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: 822
Latest Activity: 2 hours ago

Discussion Forum

Is any member dealing with Kalos Resources

Started by Gerald R Sanders. Last reply by Gerald R Sanders 2 hours ago. 7 Replies

New Mineral Owner w/ questions

Started by Jessica Hawthorne. Last reply by Stephen Weeks Jul 13. 6 Replies

LEASE OFFER 24/3N/6W

Started by James Kyle Brooks. Last reply by James Kyle Brooks Jul 12. 2 Replies

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Comment by Don Ayres 13 hours ago

Received an offer of $9,000 per NMA for our interest in Sec. 21-9N-5W.  No interest in selling, just info for the group.

Comment by Michael Hutchison 16 hours ago

R. Story, I get it, was just curious about the word itself so looked it up.

Comment by R Story 16 hours ago

Michael,

I believe in the context of the picture provided by Gordon, the word tertiary is referring to recovery techniques. A CO2 injection well would be an example of a tertiary recovery technique on more traditional reservoir. A synonymous term would be Enhanced Recovery Operations or EOR.

The methods yield highly unpredictable results and often the costs exceed the benefits.

In the past the use of these secondary and tertiary recovery methods in Oklahoma required the unitization of vast areas of land. The result was often not in the interests of the Mineral Owners, as marginal production from just one well on the unitized area would result in everyone's original lease being held by production for decades.

Operators now benefit from the potential future development of the now held leasehold into different formations unitized at the section and quarter section level without the need to renegotiate leases with the new mineral owners, locking many owners into the original leases from a time before things like shut-in, gross proceeds, transportation, and royalties greater than 1/8th were a thing discussed.

Comment by R Story 17 hours ago

Randall,

Yes, Gerald Story was my uncle.

Comment by M Barnes 17 hours ago

Carrie, you can go ahead and lease the sections.  Make sure they are each on a separate lease.  You do not want them on the same lease form.  They can be identical, just not linked together.  Make sure you have a no deductions clause, depth clause, commencement of drilling clause, no top lease clause and limit your shut in time to use the word "cumulative" not consecutive.  If you need help, friend me with the blue icon.

Comment by Michael Hutchison yesterday

Tertiary is the former term for the geologic period from 65 million to 2.58 million years ago, a timespan that occurs between the superseded Secondary period and the Quaternary. The Tertiary is no longer recognized as a form

Comment by Randall Mullican yesterday

Thanks R Story, I appreciate the reply. Randall

Are you kin to Gerald Story, Chickasha?

Comment by MJ Justus yesterday

M. Denney, regarding Jim A Smith, how long ago?

Comment by R Story yesterday

If the lease is past the primary term, then yes, a plugging of all wells that held that lease by production would allow the lease to expire by its own terms.

If however, the lease is still producing or a gas well capable of producing in paying quantities and is currently shut-in, then yes, you would be allowed the option to participate in the future well, presuming that you own in the proposed formation and spacing of the intended well.

You will need to elect to participate under the pooling or negotiate participation in advance of the pooling.

Comment by Randall Mullican yesterday

I have an offer on a WI lease we hold in 14-7-7. There is a couple of wells producing. If those 2 wells are plugged will our lease expire? If we hold on to the lease and a well is drilled do we automatically have election to Participate. We aren't clear on the mechanics of individually owned leases. Would appreciate any info.  Thanks,   Randall

 

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