Has anyone heard or know of Echo Minerals, LLC - Oklahoma City, OK ?
I have received an offer on my mineral rights,
Hi Jim, They are definitely drilling in section 8-18-13. I have seen the rat hole and frac units are parked there. In addition, 4 smaller water lines are running to there. We were through there Sunday, April 10. I didn’t see anything going on in 3-18-13 but perhaps it is.
Lanny, below says NFX is starting to drill in 3-18-13. Should that have been section 8 or are they also drilling in Section 3? I own an interest in NFX permit in section 8-18N-13W (Brown Farm) and didn’t know well had started. I have been in oil and gas business for 35 years and my family was from Canton/Seiling. Would welcome hearing what you know about that well. I own 220NMA but have been out of touch in this area. I have, however, recently spoken w/numerous mineral owners in this area. I can be reached at jimedsel@patriotinvestmentslp.com. Thank you.
Thanks-- but I am in Florida and not sure of who or how to get a hold of
anyone else in regarding offers for mineral rights. I do know it seems offers are varying in amounts per mineral acre. (regarding Ech oMinerals)
Lugene, I am familiar with Echo. Can get you additional info if you would like to msg me personally.
Yes. Try getting another offer before you sign anything.
Sorry, Lanny, I read your original post below on my phone last night and thought it read “3” versus “8”. I am going up there next week so I will check it out.
Lugene, I have a lot of anecdotal information about mineral offers in Blaine. Would be happy to share. You can reach me at jimedsel@patriotinvestmentslp.com
M Barnes,
I accepted the friend request. Sorry to be thick headed, but I am clueless as to how to communicate offline.
Newbie here. Can someone tell me what a Favored Nations clause in a purchase agreement means?
I’m not an attorney, but I feel that you are comparing apples to oranges. Sale of minerals will be all together different from a lease. If the minerals were already leased and being sold and the clause was in the lease then it should remain in the leased minerals to the new owner of said minerals.
**Just my opinion **
Clint Liles
Most favored nations is a nice concept but very hard to verify.
Agree with Clint, leasing and sales two different beasts.
Don’t know your story, but depending upon where you are in Blaine, I would not sell right now. One of the best parts of OK for active drilling. Offers are WAY below actual value of the minerals on the ones I have received.
Thanks, again, Clint. and also M Barnes.
Altogether our family has 147 acres east of Hitchcock (17N-10W). My grandfather was in the land rush. From here it looks like my cousins and I will be dividing it up 8 ways.
We received an offer of $3250, about a year ago. Last month and this month we receive offers of $3750, and $4000. Three different companies. We gave the landsman on the last offer info on our family tree and he has a title searcher in Watonga now.
Sellers are at a disadvantage. There seems to be no central place to go to find out what landsmen are bidding in different areas. Does such a blog exist? Most of my cousins want the bird in hand and several have already signed purchase agreements. I’m inclined to wait.
Does anybody have a feeling about this assumption? I think that oil will see $47-$48 a barrel before it sees $29 and I will likely get a significantly better offer per acre if I wait a few months.
Per the Fav. Nations item, the landsman agreed to put a 1 year clause into the purchase agreement but said he was sure the price would not go up in the next year. I think he more or less has to take that line.
Mike, see my friend request.
The pooling amounts are public data. The pooling amounts are very close to those offers you quoted, so why not keep the minerals, get a nice bonus and the revenue from a well or many wells. Those offers to buy are way too low. I have offers to buy in the general area and they are up at $8000+/ac. Not selling!!! There are multiple pays possible here. With 147 acres, you have a lot of bargaining power as a family if you stick together.
As to the below entry the other name of the Grantor was Enlink Midstream Services, that I know nothing about.
What kind of memorandum? Memorandum of lease?
Clint,
Thanks for the link. The article only spoke of lease arrangements. Does it make sense for an outright sale of mineral rights to have a Fav. Nat. clause or is a sale too different from a lease?
And I know of an offer in that township of $9500/ac, so compare that to your offers.
Way too low. Look at contiguous sections that touch 17.
Pooling order in Sec 8 section was at $1750 3/16, $1400 1/5, or $0 1/4. Jan 2016.
Pooling order in Sec 21 section was at $2500 3/16, $2100 1/5, or $0 1/4. Mar 2016.
Your offer should be equal or better. Make sure you get a good lease with NO deductions whatsoever. May be better to wait for pooling if they won’t give you that. If they pool…