I am looking for information on Section 04, Township 09N, Range 08W Lot 2 and Lot 3 in Grady County. Is there “forced pooling” on this location? I received a correspondence from Turner Oil that said they were proposing drilling the Savage 1-4-9N-16XHM well, a multi-unit horizontal well in Sections 4,9,16-9N-8W. They were offering me four options, !. $2,000 per net acre cash bonus for a 1/8" royalty. 2. $1,500 per net acre cash bonus for a 3/16" royalty. 3. $1,200 per net acre cash bonus for a 1/8" royalty 4. Participating in drilling the proposed well, with me contributing to the cost of drilling. Currently I do not have a mineral lease on this property. I would appreciate any information that you could give me. Thanks and Best Regards
Continental had cases pending before the Commission. They did get the spacing approved. The pooling was dismissed, but may happen again. You can either lease or wait for forced pooling. Any lease will probably need negotiation as it will not initially be in the mineral owner favor. Many of us prefer the highest royalty option as it usually pays off in the long run.
I, like Martha would wait to be forced pooled. I always choose 1/4 and no bonus if necessary. You have received a drilling proposal.
Hi Martha Thanks for the information. I have been contacting other leasing companies besides Turner Oil and cannot located any that would be interested in a lease except Turner Oil, not even the leasing company that had the last lease. I wonder what is the deal?
I cannot comment on why not…may be the reservoir perceived quality, the end of the year budgets are done, price of oil and gas, etc.