I keep getting approached to sell, not lease, 30 mineral acres in Section 11, 8N, 10W, for under $1,300 per acre. It is not producing or under any lease. What thoughts or recommendations do you have? Thanks.
Charles, I think that is a low offer for purchasing min rights. I am aware of lease offers in the $1200 range at 3/16 in 10N-11W. I would suggest you contact several of the companies already mentioned on this forum to see what they would offer for leasing. Of course, the geology in your area will govern value. There are others more knowledgeable than I on the forum who could speak about that.
Hello Charles,
I am not knowledgeable about your minerals exact location however multiple offers to purchase often mean something is going on nearby. Personally, I would never sell a mineral. I do have a suggestion if you want to sell - have you considered selling part and keeping part?
Charles, I just took a quick look - not at all thorough - and found a new horizontal well Kaiser Francis just drilled in Section 8, 8N 9W. This is a horizontal well in Sections 8 and 5, and initial production from the Hoxbar formation is 615 BBLS/Day and 250 MCF. This is 3 miles or less from you.
I’d hold off. Do research.
Cimarex has applied to the State Corporation Commission for approval to drill a multi-unit horizontal well in Section 1 Township 10N Range 9W and Section 36 Township 11N Range 9W.
It’s a Woodford shale common source horizontal well. 50% of the completion interval in Section 1, 50% in Section 36. I and other family members have 3-year leases with Cimarex that expire in November. Section 1 has drilling/spacing orders in place, Order no. 172284 and 558021. Section 36 has drilling/spacing orders, order no. 138217 and 560848.
The drilling will run from the S/W 1/4 of Section 1, north through Section 36, it will parallel Section 2 and Section 35. The drilling will start on the S/W 1/4 of Section 1, which is where we have rights.
This area seems to be getting busy. Mapping shows this location has multi potential and layered within the SCOOP and Cana Woodford plays and includes the Mississippi Lime Common Source, the Hunton Common Source Supply and Woodford Shale Common Source Supply. This drill is proposed for the Woodford Shale Common Source.