Drake Exploration filed 101 documents, mostly lease memos, but an assignment to Chesapeake Exploration was also included. Vanna Production file 8 lease memos, their first in Houston County.
I’ll go through the details once they are available on Enverus.
Look forward to seeing what your research finds!
I have a small 25 acre lease with Cypress Energy secured in 2024 near Latexo. I am now being approached to sell all or part of my interests for this lease period only. Any thoughts?
Can you tell us who is the buyer and the price offered? Location (Survey & Abstract).
If your minerals are included in a production unit and you make this deal they will hold that as long as it is producing. Not just for that short term of the lease. If your acreage is within a 2.5 mile radius of the drillsite for a horizontal well it could possibly be included in a unit depending upon the direction of the well bore. Don’t sell!
It’s a hard but interesting decision. These people are talking to most people that have leases in this area with Cypress. Basically offering 3 times the lease amount for half of the interest. I wouldn’t sell all but might sell half. I understand if it goes to production that it will be permanent. But even if it goes to production it’s a long drawn out affair before you get your money and usually less than you think. This is pretty good money to take and spend now. And this is supposedly a test well. These royalty deeds should be recorded in Houston County in the next 30 days.
What’s the name of the company that is making the offer? And what are they offering per NMA?
My interest is in the Gossett survey near the Marsh survey where the proposed new Magnetar drill is off 287 in Latexo. Arena Minerals is the name of the company wanting to buy royalty interests in the current lease.