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Lea County, NM - Oil & Gas Discussion

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Lea County, NM - Oil & Gas Discussion

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

Members: 145
Latest Activity: 3 hours ago

Discussion Forum

Mineral Interests Lea

Started by Susan Drew. Last reply by Andrew Chase Lake May 1. 5 Replies

we have been offered$250 an acre for 3 year lease with 20% and 2 yr option in TWP 10S and very small interest in T25S.  Does anyone know other companies offering a higher lease amount?  ThanksContinue

Offer for an extension of lease for section 1 t19s, r34e

Started by Rick. Last reply by Susan Drew Apr 4. 10 Replies

Hi, this is my first post on this forum. I have been offered a two year extension on a lease I signed and negotiated in 2011. The oil company did drill a well and has a successful, producing oil and…Continue

Going rate for mineral leases in Lea County Sec. 28-11S-38E

Started by Roger Pugh Mar 27. 0 Replies

I'm new to the group and for the first time have been contacted about leasing my minerals in Lea county. These are in Sec. 28-11S-38E. Would appreciate any ideas on what is a fair lease amount per…Continue

Should we get better terms for rights very close to existing producing wells compared to rights not close to producing wells?

Started by J Joyce. Last reply by J Joyce Mar 23. 3 Replies

We also got the lowball offer (550, 25 year lease) on some rights in T14s, R37e, and a bit in T15s, which we turned down.We consider this our most valuable rights because they are very close to…Continue

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Comment by Paula F on May 12, 2017 at 6:39am
You might want to reconsider selling your minerals. Most attorneys will tell you to NEVER, NEVER, EVER sell your minerals. I would talk to an attorney before you do anything. Especially if there is going to be some activity in that area.
Comment by Gary L. Hutchinson on May 11, 2017 at 6:39pm

Judy, picking up like a rocket to the moon.  Hang on.  

Gary Hutchinson

Comment by Judy Nickson on May 11, 2017 at 4:38pm

We have signed three leases in Lee county in the last month...I think things are really picking up.

Comment by David Ammons on May 11, 2017 at 4:13pm

Comment by BGP 1 hour ago

I will call you.

Comment by David Ammons on May 11, 2017 at 4:09pm

to Luke Alexander 2 hours ago

Thanks agaon.  I have a day job NOT in this industry and am just beginning my education. I am Executor of an estate with 30 acres not under lease; I am conferring with my probate attorney on the document/title side.  Haven't yet decided to lease or sell.

Comment by David Ammons on May 11, 2017 at 4:05pm

Gary Hutchinson from 4 hours ago.

Thanks for the advise & reference to Tennisdaze comment.

Comment by BGB on May 11, 2017 at 2:03pm

David,

I have bought interests in several tracts in your general area recently and paid substantially more than what you have been offered.  If you want me to give you a bid, feel free to reach out.  Phone is 832-390-6020.  

Best regards,

-Brad

Comment by Luke Alexander on May 11, 2017 at 1:17pm

Just some more info for the area.  I have 360 acres in 15S/36E.  I leased it three years ago for $500 acre.  When the lease ran out in January, 2017, I released it to the same outfit for $400 acre.  I just got a call this week from a different firm offering me $525 per acre.  So something is going on in this area just NE of Lovington.  

Comment by Gary L. Hutchinson on May 11, 2017 at 11:55am

David,

After checking the well completions in the two areas, it appears to me that you are being offered an amount that is a large discount to Fair Market Value.  If the purchase terms also favor the buyer, I advise you to seek some professional help before you sign anything.  

I assess FMV every day and can give you the name of a knowledgeable lawyers in Artesia and Roswell if you like.  Also re-read TennisDaze comment.  She knows what she is taking about from experience.

Gary Hutchinson 

Comment by David Ammons on May 11, 2017 at 10:32am

TennisDaze

I am selling the mineral rights. See the comment I just made to Gary H.

 

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