You’re a terrific source, and I appreciate the insight. Hope I’m not taking advantage of your knowledge. My brother and I also have a small amount of minerals in Grady Co, 16,6N,7W. As this counties connect, will head to that group to see what the scuttle is. The only reason I think of selling is because I’ve handled these minerals for 20 years now. First for my mom, then for my brother and I. It is an ongoing source of confusion, frequent filings at the courthouse, and very sporadic income for about 3-4 five acre holdings.
Still, when the good times hit around 2010, it was perfection, as my mom was in need of nursing care, etc.
For Chris: Thanks Chris. Yes, they are for real. I spoke with Dylan who was very professional. He does the sales but doesn’t make the decisions. They had told me I had a 102 mineral acres in two sections. Then after telling them I wouldn’t warrant the title etc. they ran a cursory title and it came back I only own about 2. That was a bummer but better to find out now then later. I have some in Section 6 3N3W but don’t know the amount. Thanks again
Be very careful about selling right now. You are not selling the one well that is on the property now, but the potential of many more wells in the future.
Chris, I use a different source, but will check that one out as well.
The info you need is far more than intent to drill. Your section 6-3N-5W is surrounded by horizontal wells on the NW W SW and S sections. There is one well in Section 7 already and a new one was just permitted at a shallower location by Marathon. Marathon also has court dockets for Section 31 just north of you for a horizontal well.
Marathon, Continental Resources and Newfield are actively leasing in your area. Not sure why 6 hasn’t been drilled horizontally yet, but I think it is coming. That is why you are getting offers to buy. The general activity here is to drill one horizontal well to hold the section and then come back in later to drill five-10 more horizontal wells. So I wouldn’t sell it I were you.
Section 1 is a bit of a different story. It has thinner Woodford, but since it is HBP at shallower levels, not so much rush to drill there. Also, it is more oily and the better Woodford wells are further west in 3N-5W. Don’t sell that one either! It’s time may come.
The OCC website has a pretty rudimentary map with the drilling on it, but it doesn’t work every day. Baker Hughes used to have one on their investor tab of their website. Haven’t checked it for a while.
Check out the recent investor presentations for Marathon, Newfield and Continental-more the USB, etc with geology and maps in them. This is the SCOOP area.
Just FYI, I’ve got a free week’s trial at Oil-Law.com. Phenomenal resource. Very impressed with it. Out of OKC. They have search features that everything you could want to know, based on your Sec/Township/Range. Probably what you use. Last intent to drill in the 6/3N/4W I found was 2007. Just a little production right now, and trickling ever smaller.
We also have a bit in 1/3N/4W. More production from that area. All of it we receive is from Merit Petroleum right now.
Just for anyone who is considering selling, we are still getting offers on our rights in 3N4W section 17 for $12,000 an acre. That’s 3 zeros, even with the price down, so obviously what we don’t know about future drilling plans is still enough for us not to sell.
Stephen: Continental Resources (CLR) drilled two wells a couple miles to your S and SE. They are the Mackey and the Raymond. CLR is about the only game in town, as they have most of this area leased. In 12 most thought thought they done well getting 250 and 3/16. The last offer I received was 800 and 3/16, 600 1/5 and 0 1/4 about two months ago. 1n1w and 1n1e is a “new” area that CLR delineated in 14. Has been quiet all year until last month they built a pad in 19 1n1w. Looks as tho they plan on coming back to this area next year.
Okay Rick, I read the definitionof spud. I believe that I will call the man who works for Eco back and tell him thanks but no thanks. But I do thank you.
Thanks Linda for the info. I kinda figured it was a low offer when he just called out of the blue but wanted to check it out. So are they hitting oil or gas or both in my area ?
short version: It is a horizontal well that the lateral goes across to 640 acre sections. Each section shares in the production depending on the length of the lateral in that section.