14 months ago, I leased my 5.2 acres (3/16th royalty) for three years to EOG Resources. Haven’t heard anything from them but have been getting various offers to purchase, the latest for $8,000 an acre. Any thoughts on selling or waiting would be appreciated.
Bill, which section in 8N-4W are you talking about? 34 or 7?
Section 34-T8N-R4W and Section 34-T7N-R4W
Well results haven’t been exceptional down there. Pretty fair price. But again, all depending on your situation.
Hi Bill,
Don’t sell! I have 20 NMA in Section 34 Township 8 North, Range 4 West. Depending on where you are in the section there are various active vertical wells with infill location for the future (such as Kirby #1, Givens 34-3). But more significantly, Section 34 is part of a two-section pooling (also Section 3 Township 7 North, Range 4 West) for the Native Exploration operated Charles 0334 #1 well. Surface location 02 Township 7 North, Range 4 West. This well was going to be operated by EOG and at the last minute Native and EOG made a deal to allow Native to operate. This well had first production 3/8/19. I have heard unconfirmed reports of early production average 600 BOE/day. Of course they are trying to buy your interest!
Many thanks for the info, Ralph. Was inclined to hang in there, but now will for sure!