Ron. Im dumb what is MCF. Sid
An MCF is 1,000 cubic feet. The M stands for the Roman numeral for 1,000, rather than one million. 1,000 MCF is one million cubic feet.
Sidney…MCF is million cubic feet. When you see natural gas prices posted and when you see well test and production numbers it is normally in MCF. BUT sometimes they will talk in cubic feet so if you see a number that seems unusually large it mat be cubic feet they are using, which is simply the MCF number times 1,000.
Thanks Bob. & Ron. Sid
Thanks to Bob, Rick, & Dusty for the info on Sec 30. My check shows it is for County Line Tract 79. Still not receiving much $, compared to the offer they made.
As far as I know they are still producing. But I don’t know how much. Check out the OCC web site for production reports.
SEC9 T3E R2E They are fracking the well and setting tanks looks like they have room for alot more tanks That well drills into SEC 4 also
Anybody picked up on leasing activity suddenly cutting back? I got an email in Garvin County from a landman withdrawing all offers…they received an email from Continental yesterday stopping all lease activity in their souther OK area, which for them covered 2 counties.
Im unable to access the okla court comm has there been a change in the process. Sid
Sidney…I just got on OCC site and seemed to work ok. Are you talking the Corporation Commission or Tax Commission?
Rick Howell & Bob Titley - Thank you for teaching me how to look up Oil & gas production. It takes some time but it is good information when you have an interest in the well - Thanks again - Larry
FYI - found the following on Oklahoma Corporation Commission website
TaylorMade 1-10-15XH (Sec 35 & 26 on 3S 3W) (Purchaser Company – Enterprise Crude #22275)
June 1978 barrels oil
July 3510 barrels oil
TaylorMade 1-10-15XH (Sec 35 & 26 on 3S 3W) (Purchaser Company – Sunoco #21108)
August 3742 barrels oil
September 3650 barrels oil
Dixon 1-10-15XH (Sec 10 & 15 on 3S 3W) (Purchaser Company - Vitol #22580)
October 6356 barrels of oil
SHIVELY 1-21-16XH (Sec 21 & 16 on 3S 3W)
10/31/2014 287 Oil per day 3054 Gas per day
11/10/2014 234 Oil per day 3749 Gas per day
Bob .the okla corp comm=dockets.It just goes blank when i try to enter it.Sid
Is this the link that you are using to pull up the court dockets?
Net Mineral Acreage is the amount you own. The 3/16RI does not come into play.
If you own 1/16 of the SE4 of section 8-3S-3E, then the “Gross” acreage of the land description of the tract would be 160 acres. Since you own 1/8 of the minerals, your net acreage would be 10 acres.
Almost always the lease shows the gross tract acreage. This can be confusing to some people when the find grandpa’s lease and think he had 160 acres.
Rick I am a slow learner, so please bear with me
It is a 640 acre tract (section 10) and I own 25.6 acres which is 4% of the 640 acres
If I am offered $10,000 per “net acre” then I would be paid $256,000
And my 3/16 royalty interest would not matter, as it could be 1/8 royalty interest or less
- Therefore my payment in this example above would always be $256,000 no matter what my royalty interest is
Rick is this accurate or am I still a slow learner?
Thanks again, Larry!
Correction to previous post
The TaylorMade should be **1-35-26XH ** instead of 1-10-15XH
The value is going to be very hard to place right now with the dropping of oil prices. Value will also be impacted by the marketability of the title of the property. “My family owns” and “passed away” are two terms that many times can mean there are some title issues with the property. But they could be owned by an entity (trust/LLC/corporation) that might might minimize these things. As far as legal description, the value will vary greatly throughout Carter County. The users here will need the Section Township and Range to help you out.
Lease vs sell: There is so many things that can impact this, but more of it is your person situation (as well as the other “owners” ) more that the property itself. First if you hear “never, never, never, ever sell your mineral rights”, you might want to seek someone other than that person to follow the advice of. If you are considering selling, it usually is not a good idea to lease.
A lease “may” be the same as selling. However you only get a partial payment up front, and a commission off the sales until they don’t want it anymore. A better lease may reserve or release some of this after time. But many times, it is going the rest of your lifetime. And maybe a few generations after that.
Post the Section Township and Range, something like 18-1S-3W and we can try to figure out what is going on in the area and go from there.
The way the deed reads with have some impact on how you will remove your fathers name. I believe I see the deed in question and some of the history documents. If I’m looking at the correct documents, there are some things that could cloud the title.
Basically when selling your are taking X dollars up front instead of 2-10X over an unknown amount of time. The amount of time may be 1-5 years, 30-100 year, or never. The people wanting to buy usually know more about the business than the sellers. Some offers are legitimately good solid offers. Some are lowball offers that generate large amounts of profit. You have to really research to see what is going on in the area.
The current drop in oil prices and great possibility of reduced exploration have many wishing they had taken some of the $15-25K offers the had over the last year or so.
Some value the “legacy” of the property and really want to pass it down to their heirs. Some don’t have heirs or their heirs are not deserving.
Usually the best time to sell or lease is when drilling is imminent. However, you may pass up some chance to lease property when it is not imminent, passing up income. Just as your lease expired without any exploration.
I don’t think now is the time to sell on this area. Ddepending on the amount of acreage involved, I likely wouldn’t lease it at the prices I think would be offered.
XTO had been doing some work in the immediate area but they have been primarily gas wells. I could see a future gas play in your section. But it would be very hard to know when. There are other areas that may be more favorable for the oil companies to spend money in for a while.
The Woodford will produce a decent amount of gas there. The big question is when??