Does anyone know the going bonus rates for 5N & 6N-7ECM?
Data Land Consulting out of Amarillo, TX and JCR Services LLC out of Enid, OK have been leasing for Range Resources in parts of 5N & 6N-7ECM for the past year. They usually send you a letter and lease form. Their offers, from what I have been told, are in the range of $35.00 to $50.00/a, 3 year term with a two year extension for the same original lease bonus and 3/16's royalty. From what I can gather most people have taken the money.
If you want me to look up the sections and see if they have leased others in your sections let me know the legal descriptions. Or you can check them yourself by going to https://okcountyrecords.com/ . It should pull up a map of Oklahoma and then you can click on Cimarron County. Down at the bottom is where you can click on to enter your section, township, and range. It will show if an O&G lease has been taken and by whom, lessees & lessors.
Some I know haven't signed yet and others who haven't signed were sent a letter by Range Resources saying they would be going before the OCC and asking for forced pooling.
Most who haven't signed are hoping Range Resources hits some oil in the Mississippian which is what they are targeting. If it works out for Range and then other oil companies hear about it, hopefully lease bonuses & lease terms will go up.
Range has leased most of what is called the Keyes dome. It was a gas play discovered back in the 1950's. They are targeting, from what I can gather, the St. Louis zone of the Mississippian which is a little deeper than the old Keyes dome gas play. They have drilled their 1st horizontal well, in section 23-5-8 with the well site being in the section north of 23 or section 14, and are testing it. Everyone is pretty tight lipped about it. In the oil patch they refer to it as a tight hole.
I know they are permitting other sections in 5N-8E and 5N-9E. Time will tell if it is going to work out for Range.
Hope this helps.
Great information Lawrence thank you