can somebody please help with a little info about what is going on and our mineral rights lease we are completely oblivious to all this we signed the lease 4 are mineral rights last November and I’ve heard nothing since
Since you probably have a three year lease, these things can take the full three years to have activity (or never). It can take months to years to get most of the leases taken in a section. If there is pending activity at the OCC (Oklahoma Corporation Commission), then you should get mailings on it. Did you get any information on the Bryant 25-24 well? It was spud and is probably about done. Cheyenne Petroleum drilled it. I am a bit concerned, since the pooling by Continental/Cheyenne was done in September and should have caught you. Was your lease filed at the courthouse since it was after the pooling? Who did you lease with?
Nichols energy services is who contacted us about the lease they
Who signed the lease?
My wife’s name is nacole galloway (isbell is her name on her current id) we sign the lease back in I believe November
Wilma was her grandmother and it passed down to Vicki Vickers which is her mother who passed away a few years ago
Wilma Tippert McGee signed the lease. If she has passed away, then you need to make sure that the proper probate has been filed in Stephens County. Contact Cheyenne Petroleum Company and see what they require for getting into pay status. 14000 QUAIL SPRINGS PKWY STE 2200 OKLAHOMA CITY, OK 73134-2617
Tim Prince at Nichols Energy Service inform me that the lease is a ratification that we signed last November not sure what that means
Can you scan it the other way. It is upside down.
Looks like just confirming the original lease. You still need to contact Cheyenne to see if you are in pay status.
Would there be any way to know what we have as of ish and what’s going on in the area really anything is good to know
The Bryant well was spud and should be close to being finished. Nothing to report until they post it on the public data bases which takes months after completion. The general time frame is that Division Orders go out about five months after first sales and then you are supposed to be paid six months after first sales. So, be patient for another six months and you should be notified. If you haven’t heard by January, then you need to contact Cheyenne.
Good day Rickey, we’re trying to find the value of our mineral rights as we were approached by a buyer that wants to buy our 12.66 acres at 1/8 interest for $6500.00 an acre. Do you know how we can find out the value as im sure its more than the offer, Howard
If you want a good evaluation, then you need to get a certified petroleum engineer to look at what you have and give a value for current production. Then you need to ask them what they project the value might be given the pending wells in the area. Remember that anyone who offers to buy is not only offering for your current production, but for any future production from future wells and they are pretty sure they are going to make a nice profit off of you.
They want you to sell before you get the Division Order for the Bryant well because they want those royalties and any future Bryant infill wells. And don’t forget that you would probably have to pay capital gains tax on any sale. (Buyers usually don’t mention that!)
Thank you for responding to our inquiry as we are not knowledgeable in this area and want to get a better understanding of this assets worth.