Linda,
There is no doubt they are still leasing heavily. They just filed 5 of our leases and I have 2 on my desk to review and sign now.
I am curious about activity in 17-2N-3W. I believe this might be the Studdard, but wasnât it drilled into the next section with no production in 17 ?
If this is the case, wonât they have to drill into 17 to keep the leases?
Yes Charlie only the surface location is in 17. Production is from sections 20 and 29. It looks like a lot of leases were taken in 2011 so will be expiring at various times this year. Most recently there have been a couple of 2 year extensions exercised, so depending on how many leases they have like that they do have some time left .
What does it mean when they survey a well? They surveyed the Studdard.
What if we were never listed, contacted or even pooled, and the wrong names were on the Title searches the leasing company did. Documents were filed to clear up the titles after the original reports were done.
Don, not a good idea to choose the two year option. If this is your first offer, it is low and probably does not have the terms you want, such as depth clause, no post-production deductions, etc.
Adding to Rickâs comment, I heard of an offer of $1400 3/16 for 31 just south of you, so hang in there. You might consider waiting for pooling
Karla, the Woodford should be about 300 feet thick in 17.
Wait and see on the numbers.
Thanks, Martha. Hoping for the best.
I think the Studdard will be Newfields best producing well to date when they get it going.
When they survey a well, it means that they use tools to measure the location of the well bore in x, y, and z space (map view and depth view). It shows the location of the straight part of the well and the horizontal part of the well and the location of the perfs. This is how the % is figured if the well goes into two sections.
http://occpermit.com/WellBrowse/Webforms/WellInformation.aspx?ID=58⌠This is the map (skinny one on the right) The whole left side is what the well looks like in depth from the survey for the Studdard.
Martha do you think the numbers will improve? What does this mean for section 17? What is the woodford thickness in 17? Thanks in advance.
Numbers not great for Studdard oil 79/ gas 348.
What makes you think that David?
Karla, I donât think Newfield is in the game of gambling like I would be living in Las Vegas.
It may clean up, or it may be damaged, or it may be the geology
Martha, Thank you for your imput regarding what I should look for when considering a lease. I also have a holding in Garvin, 29-2w-2n. It is contiguous with the Sec 30 holdings. I have 50 acres in Sec 30 but the lease proposal I received says 44 ânet acresâ Why the difference? I have followed this blog for a while but do not understand a lot of it. Can you explain how pooling works? When do you not consider it if ever? I am retired and recently move to Lake of the Ozarks in Missouri. How do I change my mailing address so interested parties could contact me regarding my mineral rights in Garvin County? I hope this is not too many questions. Thanks for your help.
Don I-on the questionsâŚ.
-if you think you have 50 and the offer says 44 net, then you need to do some investigation. Find your mineral deed and see what it says. You may have a percentage of 50 acres. See if you have any old lease copies. Sometimes, they are wrong, but you need to get it settled. Maybe someone sold a little of it a long time ago. Friend me and we can look at it offline.
-pooling is basically a tool the OCC uses to get mineral interests in a section âworkingâ and moving the exploration process along in a timely fashion. If a company cannot get all the owners leased, then they go to the corporation commission and request that the OCC pool the interests of the remaining folks. 3-5 options are offered which are deemed reasonable. You have about 15-21 days to answer or an option is chosen for you. If they cannot find you, the highest bonus and lowest royalty will be assigned to you (not what you want). The funds will be held for a certain number of years (depending upon the state) in a special fund by the company and then after that, turned over to the stateâs unclaimed funds bucket where heirs or lost owners can reclaim them. Sometimes I choose to lease and sometimes I choose to pool. It is not a bad thing in Oklahoma. Other states are different.
-to change your mailing address, you need to send a letter to the county clerk of Garvin (or other counties) letting them know where you are. List the descriptions of your mineral acres with section, township and range. There are companies out there that try to sell you directory listings, but most of us think that is a waste of money. The land men go to the county to get the addresses.
DonâŚOur mineral deed which we bought from Prestonâs cousin years ago said we had so many acres and when the landmen searched it they said we didnât have that many because his cousin didnât ever have that much to deed over to us. His grandpa had evidently sold some way back when and after he died no one in the family knew about it. We hired our own landman and she found the same thing to be true.
About the change of address. I called over to the county records in Duncan when we wanted to make sure they had our current address and she said we would need to come over and have it recorded with the change and also said there would be a fee of ? dollars per document we wanted the change on. Iâm thinking it was something like $15.00 a section but it could have been as much as $25.00. Anyway I never got over there to do that but when Newfield and CR started leasing they found us anyway. Of course we have lived in the same place for the last 34 years but had moved several times after we bought and recorded when we were in college. Hope this helps!
Filing Fees are $13.00 for the first page and $2.00 for each additional page. If you can put the correct legal description, i.e. SW/4 NW/4 of Sec. 12, T2N, R3W instead of just listing the whole section they wonât charge extra fees beyond the ones above.
If you write them a check for the correct amount and include a SASE for them to return it to you then you should be able to mail it to the county clerk and them record it.