I advise my clients that if you can’t get a pugh and depth clause that it may be better to wait for the pooling election. Just be sure to make your election quickly after the pooling.
Anyone have property in Section 21 4N 4W ? What’s going on down there? Been offered $5K/acre - Tom (Ed) Moore thinks it should be 3x that amount. Echo Energy wants an answer by tomorrow, 12/6/16. Sorry for the rush, and thanks for any info. David
Hi Darla – Karen here. I’ve been a lurker for a couple of years on this site and have learned a lot! My interests are in 17 3N4W, leased and in production with Continental. I’ve been wondering how to find out if Continental might have sold the lease back in October (?). It sounds like you have some info on that deal. Can you tell me where to look to find out what acreage was sold, and to whom? (I’m still getting royalties from Continental every month, but given how long transitions seem to take, I’d like to confirm whether my interests were part of that deal, or not…If I can.) Thanks!
Hi Karen, I don’t see anything that would indicate that your lease was sold. I think most of the leases that were sold did not have wells on them. If it is producing it is making them money!!
That makes a lot of sense, but I’m happy to have you confirm it. Thanks, Darla!
Hello Karen:
Would like to know where our section 17, Township 01 North, Range 01 East is in relation to your section 17.
Than You
stevers
David, Looks like Chesapeake and Continental have sold their leases to Casillas Petroleum as part of a larger assignment with multiple interests back in October. Echo is trying to buy your minerals while values are still low for this property. Right now that could be a fair price due to the sell-out of the bigger players. However, if Casillas decides to drill the offers will go up drastically. No spacing or drilling applications have been applied for at this time. It is anyones guess as to if or when Casillas will decide to drill. I wouldn’t give up on a well yet. Just not by Continental or Chesapeake.
Just FYI for anyone that have minerals in Sec. 35 2N 2W and Sec. 2 1N 2W. Rimrock Resources has dismissed their pooling saying they will no longer be drilling the multi-unit well. They have not sold their interests so they could come back to it later, but it doesn’t look like it will be a priority.
Thanks John, - I had pretty much decided that this offer was too low, based on Tom Ed Moore’s estimate. I am awaiting a call back from one of Darla’s recommended lawyers (below). This has been in my family since the Cullys purchased it back in the 30s or 40s. They already got to my widowed sister-in-law @ ca. $5300/acre. Glad to know the setup at Echo - For me it’s emotional as well as wanting to get the best deal for my family. So thanks very much ! !
Hi David: Welcome to the forum. It is really informative and there are a lot of experts who are on it. I am not one of them LOL. Echo last year offered me some money for acreage. I didn’t accept. It was low. The way they operate is they hire people to find mineral owners and offer them commission for each sale. You can check their website and they probably will have jobs listed for sales people. I am not condemning this but just want you to know you are talking with a person who is doing what they are told to do from above the ranks. Don’t let them rush you and give you a deadline. They tried that with me. I came back with a counter and they declined since they broker it out for more money when they acquire minerals. Hope this gives you and idea of who they are. (:
Thanks Darla - replied to John below and have contacted Brett Agee via your recommendation. I think I’ll hold on for now, since I found all of you down in sunny OK (it’s freezing here, w/ice all over the streets & driveways - and we have 6 concerts to play this week!)
Jackie…Merit has had their stuff around Garvin Co. bought out by RidgeRock according to the letter we got. I’ve been told that’s a good thing as Ridge Rock has announces in June that in a few months they will be spudding some new wells around here. Been told they are a good company.
Sure David. I understand the emotions involved. I would say about 99% of the experts in this forum will discourage anyone to sell their minerals unless they absolutely have to.
Hi Stephen, If I understand correctly, 1N 1E is in the far southeastern part of Garvin County. 3N4W is up in the NW part. You can Google something like “section map Garvin County OK” and pull up a bunch of maps that will make this clearer.
David Dutton, Don’t let anyone rush you. Probably too low.
Did Rimrock Resources buy out Merit in the Golden Trend area of SCOOP?
http://www.tulsaworld.com/business/rimrock-resource-partners-announ…
I meant Rimrock instead of RidgeRock. Yes, Lynden, I believe they did.
The letter we received from them saying that Rimrock had bought out Merits stuff was because we have minerals in Section 29 4n 3w where they is an old well or two. Sure hope they are going to drill us some new wells in the near future but haven’t heard anything about that yet.
Did Rimrock buy any wells in the Springer sand unit that Merit owned. Specifically in section 7,3N3W?
No Karla, I don’t think so. They just had a lot of other stuff in the area but not unitized. I think a Unit would have to go lock stock and barrel.