I recently received an offer to lease property in Ward County, Texas. The indicated property is currently leased and producing. However, the offer indicates that they are interested in depths deeper than Wolfcamp. My research indicates approximations for appropriate bonuses and percentages but at the same time seem to say that the deeper depths are a different story. What is not said is whether the different story leans toward higher or lower numbers. Does anybody have some insight? All help is appreciated.
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What is the legal description in Ward County?
In this instance, a good idea would be to hire an oil and gas attorney. Congratulations on your new lease. I believe now especially in the Wolfcamp they are drilling to 20 to 25000 ft. Where before they were drilling up to 10 or 11000 feet. There appears to be layers that may turn out to be very profitable hence the deeper drills. Good luck moving forward.