I received a lease bonus offer from Summit Land for section 02-07S-08E (Bryan county). Is there activity? What are the bonus amounts being offered? Thank you.
There was drilling in that township over the decades, but mot of the wells were dry. There is a small field just to the north in 6S-8E. Exxon drilled a horizontal well in sections 22/27 there, so just about three miles north of you. They drilled another one in 34/35 just two miles north. Both are in the Woodford and pretty good gas wells for that area.
Bonus amounts are not public knowledge. You can get a hint from the pooling orders, but there are no current ones nearby to give any information.
If you have not leased before, wise to get a good oil and gas attorney to review the lease. The drafts are rarely in the mineral owner’s favor and need some important edits.
Thank you so much, we have and this section has been leased before however it was 14 years ago since the last one. The bonus is $50 off the last, I’ve leased with them before. I appreciate you sharing your knowledge with us. Warmest regards,
Jason Franklin