I’ve heard from the leasing agent for BP that our leased land has some noxious gas. BP isn’t willing to drill? Has anyone heard of this or knows what is going on?
I have 36.54 acres on lease and know Southwest Petroleum wants to lease 5 acres not on BP lease?
Help me to understand this. Is Southwest trying to buy BP leased acres plus the 5 additional acres?
BP lost their larger acreage opportunity to drill around Huntington a few months back but might be trying to buy isolated pieces. The gas which they did drill was hot and had levels of CO2 and H2S above pipeline specs. There may be other entities in early 2020 which will want to acquire mineral rights in the area.
Thank you OliverG. Does that mean our BP lease is terminated, freeing up my 36 acres?
Don’t think so. It was the Blackstone minerals they relinquished.
Does anyone have an update/status of leases in Angelina County, Texas?
No positive news on leasing. Likely stagnant till commodity prices rise a bit. BP won’t drill the Lacyville area (as they call it) till sometime in 2021 at the earliest.
A company called Aethon out of Dallas recently acquired rights to drill the areas in Angelina County that BP formerly had the rights to explore. Development of the area should pick up in Q3 or Q4 2020.
Thank you. Does that mean that Aethon will acquire the remainder of the lease from BP?
Hi, I live not too far from the Lacyville site and it looks like to me that all equipment except the fence has been removed.
As to BP, my understanding is they will keep their Lacyville position. Other than Aethon, nobody expects any drilling until 2021. If you go to Blackstone’s website in the investor relations they have the press release on the Aethon arrangement.
Sorry, for late reply…I’ve been coping with an illness…I really appreciate your knowledge.