To: Mike Ford
Thank you for explaining that. TRIAD will have to give me a hell of a lot more money up front in order for me to sign another lease with them this time around. My extension runs out later this year and it is my understanding that as long as any drilling hasn’t commenced by the time my lease extension ends, then I’m not bound by the terms of that crappy lease I stupidly signed with them years ago.
Thank you!!!
Hi all, I just got a offer to release my mineral interest in 4North 4West section 19 from continental. They are offering $600.00 per net acre and 3/16 royalty. Is this pretty average for this area or should one ask for more lease money or 1/4 instead of 3/16 royalty?
TR- if that was the first offer, hold off a while. First offer is usually low. Ask them what their highest offer has been to date and what percentage they are leased. I don’t see any recent leases posted, so you might be in the early stages. Did you lease to them before? You are on the oil side of the Woodford, so the prices aren’t quite as high as the condensate side, but are pretty good depending upon how thick the Woodford is. Drilling is moving closer to you, so that is good. Better to get 1/4 if you can, but the bonus will be $0 to low. I am starting to see higher offers though. My old map has a fault near that section, but I don’t know how accurate it is or if it will make a difference.
Thanks for the reply MB, it had need leased a long time ago. I am pretty sure it is in the oil area of the Woodford. I knew something was going to happen. I just started getting some buy offers for this section. I would like to get a 1/4 on the royalty, and some bonus if possible. I also have mineral interest that is in sections 33 and 35 of the same 4N4W area. They are in the Purdy Springer Wells, and I get a royalty from Merit from them. My hope I’d they will start doing some horizontal drilling in this area as well. Thanks, Tom
Thanks Ron, do they give 1/4 and give a $ bonus? I am excited to the prospect of maybe some nice income here. Tom
They have given 1/4 all over 4n-4w .
Tom, so far it is rare the the operators give 1/4 & a bonus in the area. It is starting to happen, but a rare and pleasant site still when it does.
If the section is being targeted by one of the major operators for a horizontal well, you can get 1/4 & a bonus from 3rd parties who will lease you in order to take a working interest – you likely have letters from them, names like JP Drilling, Greenstar, Stamps Brothers, etc.
If you have mineral interests in multiple sections that they want, you can negotiate a better deal with the operator (this is a loophole where they don’t have to show those offers in a forced pooling so others don’t get the same good deal).
Have recieved several letters this week asking to lease garvin county sec 30, 1n, 1w. The prices are different. Is the 1/4 the best to take,
James…several on here feel that if you are in the SCOOP that the 1/4 is best and they are probably right but that usually comes with no bonus money so remember if they decide not to drill on your section you will be left with empty pockets. If it’s an option I’d rather take 1/5 and some bonus money up front so whether they drill or don’t drill you have some good pocket change but that’s just me. Do you mind sharing how much your lease offers were (money and interst % wise)?
LOW ONE IS 1300.00 AND 3/16 OR 200 AND 1/4. WILL SEND OTHER LATER
It never hurts to shop around. If they are really wanting to drill and they probably are sooner or later the offers will probably keep increasing.
The other one i have has several more options and is much higher, just dont have it with me right now, will post later
Tom I helped a friend get $750 and a 1/4 in 36-4n-5w , just across the Co. line . It was from a third party who wanted to take a W.I… Continental had started the well over 30 days before they had the pooling order. Because of this the third party had no wait for driling to start . The well in 36 tested 192 BO & 3369 MCF of gas . A mile west of your 19 in 23-4n-5w there was a well drilled that tested 24 BO & 1516 MCF.
Those sound like winner offers to me Tom but it never hurts to ask. Evidently they know something good is about to happen to want in on it that bad. I’d say “Call Em” Best Wishes!
Lost records. Would someone who can deal with the OCC website post the links to the Mashburn 1H-33 the Gregory 1,2,3,4& 5H-28 permits to drill in Garvin Co.
I will send you the info when I get back to the house, one was low and the other was much higher.
Thanks Ron for the info. Should one call the land company that sent me the letter and ask for more now, or just wait and see what they do?
Richard,
I’d rather show you how to find them. (Teach a man to fish vs Give a man a fish. )
Go here:
http://imaging.occeweb.com/imaging/OGWellRecords.aspx
A permit will be Form # 1000
Use API 049% this will limit your results to Garvin Co
The % is a wild card.
API county numbers here:
http://occoapp1.occeweb.com/occoghlp/countytable.htm
Well name Mashburn% again the wildcard
Effective date Use 01/01/2012 to 12/31/2014
You should be able to find the record
Change to Gregory% for the others
Use form 1001A for Spud reports and 1002A for completions.
Let me know if you have problems and I’ll be glad to help.
Thank you Rick, we will see who goes down first. Website or me.
Well, Thanks Teach. Works as you said it would and I really do prefer to do the fishing.