Current status of Apache A-469

Hello - I am new to the world of mineral rights. I recently was offered a lease for my land in Reeves co. Thanks to this forum I am starting to understand things. Thanks to Clint Liles I know that Apache is doing an exploratory well near the location of my property. Apache well # A-469. Does anyone in this area of Reeves county know if the well is completed? Any information about what was found? Anything else about this area? Thanks for your help. This information will help me to know what direction I should take.

My property is in section 39 block 13 A-464 20 ac of family 60ac

Melissa – ‘A-469’ is known as the Abstract Number… sort of like a serial number for SEC 49 BLK 13 H&GN RR CO survey. On that section Apache spud (commenced) their WEISSMIES #1H on 3-23-16. The API Number is 389-35177. Normally, in this area, you would expect drilling to be completed is less than 45 days. The well is located 1.5 miles NNE of Balmorhea near which Apache has drilled several other wells of late. Later -- Buzz

Thank you for the information. I take it since they are doing more drilling that they found the minerals they are looking for? My concern is because I was recently offered a lease and I don’t know if it a good deal or not. How do I find out what the going bonus rate pr ac in that area ? Also I am concerned about the clean up and a few other clauses in my lease offer. Should I negotiate through an attorney? It is 20 ac.

I was offered $800 per ac. Is that reasonable ,or what is a rate I should expect?

Answers always depend on details of the offer and lease form. Apache took several State of Texas leases in that area on General Land Office form. In August, Apache paid $800 for 5 years. In November, Apache paid $950 for 3 years, with additional $1,350 due for 2 years. November lease covered a lot of acreage and so it seems likely a well will be drilled within the 3 years somewhere on these tracts. Royalty rates are 25% which you should demand. RJ Graham has been representing Apache in that area. GLO has a great form which you can find on its website. Do not let landman pressure you. There is no rush here and as drilling accelerates, then more companies will come with offers and the bonus will rise. Apache is probably trying to consolidate its acreage.

TennisDaze -– Re:

==< In November, Apache paid $950 for 3 years, with additional $1,350 due for 2 years. <==

I take it this was not thru the GLO? Thanks – Later -- Buzz