I recently leased my interest in SW/4 of section 36, Township 8NORTH, Range 11West for three years to Calvin Energy LLC. This land has been in my family for several years as far as I know. I have attempted to research on OCC site for production or any possible activity, however, only located information from 1983. I just received a letter from GB Energy INC out of Chickasha to purchase my oil and gas mineral rights. The offer was $1150.00 per acre, however, I am lost as to what to do. Why would Calvin want to lease if the well is dry? I have not received any gain from this land except for the bonus. Anyone wanting to throw out some info would be greatly appreciated! ~ Dee
Dee, the lease and the interest in buying is based on future value not the old well. The drilling activity in Oklahoma has picked up drastically in the last couple of years. Just remember these guys are looking to make a profit. As long as you are already leased I would sit back and see what happens. I'll see whats going on in the area and let you know.
Dee, EOG Resources is planning to drill in sections 12 and 28-8N/11W both are within 3-4 miles of your sec. 36.
Calvin is a leasing company and land broker, if and when it comes time to drill your section they will sell your lease to an operator like EOG. Calvin has filed around 1000 leases in Grady and Caddo Counties in the last 18 months, some will get drilled others won't. It's a waiting game now unless you want to take the $1150/ac and be done with it, but it's probably worth a lot more.
Dee,
I would advise against selling anything in Caddo that has a new undrilled lease. The potential for development is tooooooo good. Michael's advise is good. Hold on until the lease expiration date or until you are getting production payments. Then review your options. Most likely it will be well worth the wait.
Wow thanks guys..I really appreciate you quick response and knowledge! I will take your advice for sure:)