The press release did not mention the legals, that is why I posted it here hoping someone would know where the wells are located. These look like really good wells, just wondering where they are located.
This seems to be outside what has been called the “Core” area. Good news!!
Core area seems to be moving southeast. Mine is in 2N/4W and Continental has been drilling 66 days. Hoping for some good news soon.
That puts the Lambakis well in SE Grady Co. NW of the Lyle in NW Garvin Co and both wells a good stepout SE from the Grady activity in 7N-6W. Nice trend line developing from SE of the original Cana Woodford in Canadian Co SE across Grady Co into Garvin Co. JMHO
Let’s hope the price of oil stays up to support these expensive wells ($10 mil a pop) since the price of gas is headed south. If the price of oil declines by 25-30% as gas has, these type wells will be shelved.
Lambakis is in 3N-5W Grady County
Lyle is in 3N-4W Garvin County
Continental must have some good results from the Igo1-27H and the Pyle 1-36 IN 7N-6W which they have just finished, since they are p;ooling sections 13 and 24 in 7N-6W
Looks like Continental is pretty happy with the wells they are drilling in Grady Co.
Continental Resources Happy with SE Cana 2nd Stepout Well Results
by Continental Resources|
Press Release|
Tuesday, December 20, 2011
Continental Resources announced Tuesday it has successfully completed the Lyle 1-30H (99 percent WI) in Grady County, Oklahoma, with the well flowing 7.1 million cubic feet per day (MMcfpd) of natural gas and 325 barrels of oil per day (Bopd) in its initial one-day test period.
The Lyle 1-30H was drilled as a step-out and confirmation well, four miles southeast of the Company-operated Lambakis 1-11H (98 percent WI), which was announced in August 2011. The Lambakis 1-11H flowed 5.4 MMcfpd of natural gas and 160 Bopd in its initial one-day test period.
While it is too early to determine an estimated ultimate recovery (EUR) for the well, Continental believes the Lyle 1-30H should be at least as large as the Lambakis 1-11H, which has an EUR in excess of 9 Bcfe, or 1.5 million Boe, based on internal evaluation.
Since late May 2011, the Lambakis 1-11H has produced a cumulative 827 MMcf of natural gas, which is typically 1300 BTUs or higher, and 19,300 barrels of oil.
Continental owns approximately 96,000 net acres in the liquids-rich Southeast Cana project and is currently drilling an additional step-out well four miles southeast of the Lyle 1-30H to further expand the extent of known production on its acreage.
Could someone attach the Township and Ranges to the Continental Lyle 1-30H and the Lambakis 1-11H wells in Grady County?
Thanks
Good luck on your well. I have some mineral interest in the Lyle. We are very happy.
Ours must be the “step-out Well” 4 miles from the Lyles.
Judy, Congratulations and thanks!
They should pay interest. A year is a long time to set on money from the production of a whole section.
Larry, Completion Order says 12-23-10. They must’ve had division problems, a second Pooling Order was final on 12-12-11! I hope they paid Francis that 12% interest I heard the are supposed to pay.
Larry, Has Continental started paying you yet? They are still drilling ours. Maybe will get a check by next Christmas.
Francis When was the well completed. Surely not last December and it took a year to pay you?
Not paying yet. I talked to them and they sold first oil July 2 and said we should get division papers end of Nov or Dec. Still waiting.
The timing of payments to mineral owners is governed by the Production Revenue Standards Act (Title 52 O.S. Section 570.10). In general, the operator has 6 months from the date of first production for the first payment and then payments trail the sale of the product by 60-120 days, depending on if the payments are made by the purchaser or by the operator. If payments are late, they owe you interest. The interest rate is 12% unless title is not marketable, in which case it is 6%. There are also some exceptions for small checks. They can hold payments until they reach a certain amount. It’s all in the statute that I’ve linked to above.
What is the best way to find out about first prduction of a well?Is there a state statue on reporting of production of a newly drilled well with time limits etc? It seems through my study of the progession of the Woodford through Grady county that many of the companies are not reporting there production to the OCC website. It seems like the only way we find out these stats seem to be bye quarterly reports by these companies if they mention the wells.
Richard there is a section in the business page in the daily Oklahoman that shows all the well completions and intent to drill. It takes about 3-6 months after completion before it makes the paper.
Just got our first royalty from the Smith 1-29H! Canadian 29, T14N, 9W. If my math is correct, Devon has recouped about 6 million dollars since Dec 20, 2010. The paperwork I found put the cost of drilling that well at 8 million. 1 1/4 year payback! Pretty good venture I would say, even if the well cost 10 million. Most good buisness models put payback at 5 years.