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Weston County, WY - Oil & Gas Discussion
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Oil & gas discussion group for those interested in Weston County, WY. Share your experience regarding lease bonus, royalty rates, drilling activity, and oil & gas news.
Location: Weston County, Wyoming
Members: 6
Latest Activity: Jan 26
Discussion Forum
Ironhorse
Started by Dean Butler. Last reply by dick pulver Dec 20, 2011. 3 Replies 0 Likes
Our family has mineral rights in Weston County and we also have been contacted by Ironhorse. They sent a contract, which is now in the hands of our lawyer. The more i investigate the more I learn. I…Continue
per acre rates, royalty percentages, townships
Started by melissa. Last reply by Darrell L. Jansa Sep 13, 2011. 3 Replies 0 Likes
Hi Darrell,I saw your earlier post about your family being approached by Meany. My family has some mineral rights holdings southwest of Newcastle, WY in Weston County - in Township 44. We have been…Continue
Comment Wall
Comment
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Comment by Darrell L. Jansa on December 19, 2011 at 1:23pm -
Dick:
Sorry no advice on the warranty requirement.. There are many details in these leases that are no doubt designed to favor the lessors..To ferret out all of the BS in a lease would probably cost a bunch then to negotiate a reasonable deal for both parties may or may not happen.. I just chose to trust the lessors and hope that they are able to get someone to drill a successful well.. on or near the property.. If that were to happen there would be plenty of money to go around.. This way there were no up front costs to my family.. which might not be recovered..Darrell
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Comment by Dean Butler on December 19, 2011 at 12:10pm -
And they are offering the same $50/14%
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Comment by Dean Butler on December 19, 2011 at 12:08pm
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T45R66
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Comment by dick pulver on December 18, 2011 at 9:24pm
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Darrell, Thank you for sharing this information. The Ironhorse offer stands at $50 per acre plus 14% royalty. I have been sitting on their offer for a couple of months as I tried to research things a bit more. I have heard from one owner that he has accepted their offer. At age 69, I can take it or leave it and see what happens over the next year or two, I guess. I sure don't like being locked in for 5 years with a second 5 year option. Do you have any sage advice on their inclusion of a title warranty requirement? I have read where it is not recommended to agree to that. By the way, our property is located in Township 45. I will make a posting as our situation progresses. Thanks again for your input. Dick
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Comment by Darrell L. Jansa on December 18, 2011 at 8:16pm
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Dick Pulver: We were never approached by Iron Horse.. We did a deal with Meany Land back in May of 2011.. 5Yrs. with 5 Yr. Option at $40 per acre and 14 %... They initially offered $25 and 12.5 %.. we waited a few months and they came back on their own at $40.. and 12.5%. My family is old and any free money is gravy.. so I asked them to raise the 12.5% to 14% and they agreed.. really costs them nothing.. And my family choose to take the offer.. about 6-8 weeks later all of the stake holders had checks. I am not one of the lucky ones.. Just the son of one of the principal holders.. and an investor in Oil and Gas companies.. plus I live in NW Colorado with a son living in Newcastle , Wyoming.. so we drive through the area frequently... I think the $40 number was low.. but it probably bought a few refrigerators for the family.. and for people that run their refrigerators for 40 years.. this was a real bonanza.. If you are young.. i.e. under 50 I would be patient and try to get competitive bids.. No telling how high they can go if something starts to cook.. DJ
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Comment by dick pulver on November 19, 2011 at 5:30am
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We have been approached by Iron Horse Resources offering a 5 year lease with a 5 year option. I am wondering if others have been approached by Ironhorse or others?
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