I have 31 acres in Block 34 Section 63. It shows there is an oil well (green dot) in the top right corner. I had a landman show me this but he said, “If you’re not receiving royalty checks it’s probably a mistake on the RRC map, I don’t know?” I’m interested in selling at the right price but I don’t know what the price is. I had an offer from Texas Energy for $17k and I was given an agreement to sign. I spoke with a lawyer; he advised me not to sign any agreements till the check amount is listed. So I asked the landman what’s the check. He said, “Since their deed back in 1941 where my grandparents signed sold/released 1/4 of their royalties to some person.” The landman said the check with the burden would be around $245k. It doesn’t add up when the offer is $17k. My lease expires Jan 3, 2018.
Hello Matthew,
After checking the area around Section 63 I find to the east and southeast Jagged Peak Energy has 5 approved permits (API 475-37226, 37228, 37235, 37236, and 37237). These permits were approved in April and May 2017. After checking production data I also find that in surrounding area there are wells (vertical and horizontal) producing from 7 different pay formations (that’s a good thing): Atoka, Ellenberger, Wolfcamp, Delaware, Devonian, Wolfbone and Montoya Formations. This is a good area to have minerals.
Link to approved permit 475-37228:
GIS Map of Ward County Block 34/Section 63 and surrounding area:
CLICK ON MAP TO ENLARGE
You could always sell some and keep some, too.