I got an offer for 10,000$ an acre to sell in Howard County. I heard its been heating up, thinking about selling. Anybody else receive offers to buy?
what part of county?
north near borden county line
Yes , Howard County is heating up. I would not sell. I own interest in section 10 block 33 T1N. Been offered approx 24,000 /acre. Got curious and looked up what was going on and found 6 horizontal oil/gas well permits. They are supposed to start production July. Be extremely cautious selling
Wow, Gina Morrison thank you sending shots of this to family members right now.
I receive at least two offers every month to sell. I have never regretted turning down the offers. Be very careful about the language in any contract or deed. I frequently receive offers to buy my royalty interest in certain wells but when you closely read the conveyance, you are actually selling your entire mineral interest in the county. I do not know why the Texas attorney general does not look into this. If you decide to sell, get an attorney. There is nothing good for you in the conveyances drafted by the purchasers.
Does anyone know if anything is going on Block 31, T-2-N in Howard County? Close to Luther? Any info would be appreciated.
At this time I don't see any new approved permits on the GIS Map for Block 31 T2N but to the West and Southwest in Block 32 T2N there are several new approved permits by Legacy Reserves, Encana O&G, Surge Operating, and Grenadier Energy. Be patient. They are coming your way.
Thank you Clint.
Anyone know the going rate now in block 31 and 32 t1n
Lease or purchase rate?
I'm of the belief that some of the high offers are simply a ploy to get you to sign and take it off the market. Unless a group can show they have the capital provider or private equity group to back up such offer then I'm skeptical. Otherwise if I sign a PSA then my interests are locked up and off the market for however many business days and that could be a negative.
I would ask if they are a broker. If they say broker then they plan to flip it. I have heard those kind of offers in Midland but not Howard... Wish you well
Dave, your advice is extremely pertinent now. Recent court cases have affirmed the validity of "county wide" conveyances to mineral acquisition entities. It is of paramount importance that one thoroughly review a mineral conveyance document to make certain that, if you sell, you know exactly what your are conveying. Best advice is to have any such document reviewed by an attorney specifically skilled in oil and gas matters.
K, Any ownership in Block 32, T1N, is currently of greater value as a direct result of multiple "top tier" wells drilled in the last 12-18 months. Block 31, T1N has not seen that same level of activity, however, there have been several trades/farmouts executed in the last several months in that block. The cost of such trades dictates that additional horizontal wells will be drilled in the next several months. It may be wise to wait for additional development prior to tying up your ownership in that particular block. Current rates in Block 32, T1N run the gambit. We are aware of offers which exceed $4500 per net acre, particularly on smaller parcels which still remain available for lease.