I&GNRR A-633
I read that PeeDee Energy Services offered 600, 1/5, 3+3. Procella A 69. Four miles nw of Grapeland. Does anyone know about this company and acreage and if there is a play starting. I read the Procella is about 3300 ac gross. I have had an offer of 500, 1/5, 3+3.
Expand (old Chesapeake) leased in the J.D. Procella A-69 & F.H. Parker 853 Survey’s northwest of Grapeland for $1,000/nma & 1/4 cost free royalty. Pee Dee was supposedly the broker. Expand is drilling a 30,000 ft. horizontal just west of this area.
Most folks in TX would want 1/4 and no option for the extra three years, but depends upon the area. . Wise to get an attorney to review the draft lease as they are rarely in the mineral owner’s favor and need significant edits especially for the cost free royalty.