Not sure what this means. Company X proposes to drill a horizontal well in accordance with Oklahoma Bill #867 and will be filing a pooling application. The offer in the letter has 4 options: 1) “Pay your share of costs by due date”; 2) Lease or assign interest to Company X, bonus of $1,100/acre and deliver to Company X 87.50% (1/8) net revenue. Options 3 and 4 are the same except 81.25% (3/16), $500/acre, 80.00% (1/5) net revenue. This section is not leased at this time as far as we know; it was inherited many years ago.
Please give me a call at 405-203-9800 and I can walk you through this.
Thank you,
Grant R.