British Petroleum Leasing S of Huntington

Texas Mineral Rights Angelina County, TX
1

British Petroleum, via Landman from NAC, offered $350/acre and 1/5 royalty and five years in Stanley Survey Southeast of Huntington. After I let him know it wasn’t my first rodeo, he increased offer to $500/acre.

5 years is too long for a lease. They need to get in & drill or forget about it. 3 years should be lease term.

I know there is oil and lignite coal in this area and am not inclined to lease at that rate. I’ve got oil leases in other counties for that much per acre.

Landman trying to rush the lease, says BP is only game in town and if I don’t go with them, then I’ll never see my property leased.

Anyone interested in forming a group to discuss this - maybe meet for coffee once a week? My friends did this in Louisiana and formed a coalition and ended up getting $20k/acre lease.

Any comments??

2

Hey Sunny, Im a little North of u. Do you have the contact info for this landman? I got a non BP offer if your interested.

3

As you may now know BP is out in the area around Huntington. A new operator will likely be in place in 2020

4

yes, we got a letter BP exploration project is cancelled

wonder whos next, heard its a 640 acre lease, should get together on the next one

5

I didn’t receive a letter from BP? Can I find a copy on the internet?

6

not sure, but it basically said the exploration project was cancelled…I also think someone will fill their shoes. The gas pressure is crazy high here.

7

Thank you, I sure haven’t received any communication from them.

8

BP did not leave due to lack of rock quality but for other reasons. My guess is whoever replaces them will be well capitalized to develop the area. In the meantime gas prices are really weak so minerals remaining in the ground may be best to the ultimate PV of the play