Have lease extension bonus letter for 331n 1w. Lease renews dec 6 and letter said would rcv bonus before dec 6 So does the relief sought for well in this area mean they might drill In 6 or 7 months??? Any help appreciated. Thank you
What is the case number at the top of the letter?
905160 is the case ID
Read your business profile Really appreciate your help
Continental has filed several applications relative to a multiunit horizontal well for both Sections 33 & 34.
The timing of the well will be guided by the pooling order terms. The hearing is supposed to be on Nov 4. The time is usually 180 days or 365 days.
I got the same info. How long generally before they issue pooling elections?
There is a hearing date posted on the notice. If it is actually heard on that date, they post within a few days and mail as well. You can use the OCC OAP site to check the case number and see if they change the docket date and reschedule the hearing. OAP
Thank you for your reply!
Does anyone know anything about ACE Energy? I am considering signing a lease with them
Make sure you understand the terms of the lease, no post production deductions, depth clause, shut in clauses, no top lease clause, no extension, commencement clause (just some of the ones I keep an eye on) etc. Do not hand over a lease without getting paid. You can use the search magnifying glass to see if others on the forum have feedback.
You can get better deals than from ACE. If you choose that route, be sure you exchange a check for the executed OGL. Under no circumstances should you send them the executed original without payment in hand or in your bank.
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I read on the forum somewhere about a clause or phrase that you could put at the bottom of the ex. A stating something to the effect that the lease was not valid until something with the check.
So far, Ace has been about the same $/nma as everyone else and they agreed to my no deducts clause, pugh, depth, and dropped the lease use and extension. I just have never heard of them.
I would not worry about the clause wording, just never hand over a lease without getting a check. What many of us do is sign the lease, send a scan of the signed lease with bold black marker on every page “COPY DO NOT FILE” especially over the signature line. A third party such as a bank, accountant or attorney holds the original lease until the check is deposited and then they overnight the lease to the lessee. (always keep a copy) .
I just signed with Ace this week in 1N-1E, they were the only company offering me a bonus payment for 1/4 royalty.
Interesting. May I ask what section in 1N-1E? I own in 26-1N-1E and not currently leased. I’ll see if they will give more than the 1/4th.
Todd M Baker
It was for section 31-1N-1E, our family doesn’t own a lot of acreage but we always prefer the 1/4th royalty for our minerals.
Was there any bonus with the 1/4th royalty?
Todd, only a few hundred bucks. It was better than no money and a 1/4th royalty. Their numbers were on par as the other company offers for other royalties.
What is a good lease price per acre to be paid? In 33,34 1N 1W