Greetings,
First post - but have heard everyone is great and knowledgable here so -
Ventura County, CA, I am a 1/3 entity owner of mineral rights along with several other members of my family. November 2012 we were initiallly contacted by Oxy - it's now been several more months since the leases are all signed and returned and there is no information out there to be found - we have scoured every site we can find - researched the AVN's/APN's and called Oxy and Vintage for information....NOTHING. Would someone with more knowledge than myself be able to bullet point a scenerio that is sorta typical - so we have some (even if loosley) idea of what the next step is suppose to be and whether we are just going to remain idle for the remainder of the lease since there apparently isn't a drilling committment? I am quite lost and confused and no one at Oxy (while polite and apologetic) is willing to explain the process or give us any indication where we stand in the process. Oh - we did each receive an ACH form - seems to me that they wouldn't waste time gathering inforamtion such as this if they aren't intending to actually PAY us? wishful thinking?
Really appreciate all the assistance and insight that can be gleaned!
They may or may not drill in any given lease cycle. The paid up lease bonus / delay rental is so they do not have to drill for a number of years.
They MAY drill, may not drill, may offer to lease you again near expiration of your current lease or may let your lease lapse and not offer to lease you again. Many more leases are taken than drilled in any given lease cycle [ the period of years the lease is for].
Not talking to you after you have leased is common, they alredy have what they want from you and feel talking to you is a waste of time. You will be worth talking to only if they need something from you in the future, then they may hound you day and night calling you at work even after you tell them explictly and vehemently not to
Ahhhh - interesting and good to know. I really apprecaite the time your took to respond.
RW,
How do you know how the people at Oxy "feel"? What is the source of your consistent hate of oil companies? You sound like a woman that is still pissed at all men after a guy didn't call after a one-night stand. Just bitter and pissy. I'm sure you are still willing to cash their checks, though.
Tami,
If you signed your leases a few months ago, it may take awhile for them to get a rig onto your lease area. Give it time. The reason they paid you the lease bonus for an X year lease is so they have a little while to decide how best to develop the property, get title sorted out, and see what the other companies in the area are having success with. And, if you don't get a well drilled; well, you got your bonus money and the oil stayed in the ground for the next group. Not the worst thing in the world.
Lol- thanks Tom… Your response is much appreciated. I was thinking the same so at least I’m not too far off track !!
Have a great rest of your day!
You bet, Tami. By the way, I used to live in Ventura County in the Port Hueneme area. I was stationed at Pt. Mugu. I loved it there. All the benefits of SoCal without the traffic!
Absolutely… I’m stuck in Cleveland now-- but I reallllly miss SoCal. Very very much. Perhaps if drilling were to ever come to fruition I may get back there!!