You got that right Myranda!
Rick, thanks for explaining thisā¦but what is a salt water disposal well for? Why put one there in 2N-3W Sec 31, since I donāt see anyone drilling closeby (per the terrific maps we get from Gary Ridley, et al)?
Itās hard to track whatās going on when you live out of town, so these maps are hugely helpfulā¦Iāve been trying to figure out whatās going on in or around my Sec. 33 re: possibly selling some of my interest.
I just posted some intruction in the Caddo group for the occeweb site.
Here is a cut and past, use 049 for the Garvin County code.
http://imaging.occeweb.com/imaging/OGWellRecords.aspx
There are some instructions here that might be more confusing.
http://digitalprairie.ok.gov/utils/getfile/collection/stgovpub/id/1ā¦
It is pretty powerful using multiple fields to filter with a combination of a wildcard character. You can search all of the new permits by placing a date range.
If you look at all the records for 1/1/2013-3/8/2013 you will get 6700 documents.
The API number used (state code of 50 is stripped) starts with a county code. You can limit it to Caddo county by placing 015% in the API field. So now you get 138 documents.
If you want to look at a section, enter it in the legal description 2709N09W you get 1 document.
You can open it up to the township. (all 9N-9W) use %09N09W 2 documents
Go back to the Caddo county API= %015 (clear the legal) you have 57 again
If you only want to see the permits, use form 1000, spuds = 1001a, completion = 1002a
I filter on district 3 because it covers the primary counties I am interested in such as Carter, Caddo, Stephens, Grady, Garvin, McClain. That drops the records from 6700 to 1500 on the above date range.
The wildcard % is pretty powerful used with the other filters.
Here are the county and district codes
http://occoapp1.occeweb.com/occoghlp/countytable.htm
That didnāt really answer your question however. I use some third party tool to help me do it, But sometimes I have to roll back to the original source for most of the data, the OCCeWeb site.
hello, im cuttin a deal on 5 acres in section 20 3N 4W. it seems about even to sell for some"up front" present cash, than some future cash determined off a well after all that manufacturing. whatcha think, Linda
or Rick, same question i pose to you. is it wise to sell now? or wait it out? i was offered from what i understand, top dollar, per acre $6,600. i just needed some dough and couldnt manage to hold off a few more months without sinking, financially.
Ms. Walker, I would say 4 times the most recent competitive offer because the buyer will almost certainly try to negotiate the price down. I would be less worried that I was too high and might scare off a potential buyer because they canāt make money off your acres if they donāt buy them, so if the interest is more than just idle, they will counter. If they only want to buy your acres if they can get them for a song, you are better off holding onto them until another buyer comes along.
Thanks rw, 4x the most recent comp goes along with with what my atty said, too. Sounds good to me.
This is what my thinking has been: if thereās drilling on your leased land, donāt sell. If there isnāt any drilling, then maybe consider especially if nothing is going on in adjacent sections either. Except that Iām getting offers to sell Sec. 33 2N-3W where Iām leased, but no drillingā¦wonder why now, as I donāt see activity in the area from maps?
Yes, 4 x amount paid on connecting sections for leases will work for value. A lot of the time when I am figuring value it is for people going to nursing homes, etc. that need lower values; so I donāt go looking for high comps.
Sometimes a SWD is drilled prior to the drilling of a well in the area when they know they will have a lot of water to dispose of. They want to make sure they have a place to dispose of it.
Chris had just asked about Garvin Sec. 31 2N-3Wā¦Iām leased (Newfield) in Sec. 33 2N-3W. Interestingly, Clint just posted in the discussion forum (above) the doc showing a permit for drilling in Chrisās Sec. 31. This is for a salt water disposal wellā¦what does this mean? And how can they drill this well if Chris hasnāt leased to anyone?
I know the best price is what the market will bear, but hereās a question about selling royalties: Darla Ragland mentioned several posts ago that a good rule for royalty sales price is to āadd the last three lease amounts received together.ā Would this be the last 3 I had (because that could include low amounts from old leases)ā¦or does this mean add 3 recent comps (from nearby sections) together? My oil and gas atty has said that I should take the most current lease comp and multiply 3-4x that amount for a fair sales price. Maybe he and Darla are saying sort of the same thing. Whatās the best rule of thumb, Darlaā¦or anyone?
Likely Chris only has Mineral rights. The agreement for a SWD is with the surface rights owner.
Saltwater is one of the byproduct of oil and gas exploration and production process. It has to be disposed of.
Why there, I donāt know there are plenty of wells close and the water could be from either process.
thank you, Rick, i realize that it was based on alot of reckless spending. however, i have a 2nd opportunity to do exactly what you suggested sell half, and retain half. and, i dont want to burden myself with āwhat ifsā and so forth. it wasnt a top-dollar cinfirmed amount. i just threw that in there myself. and rersdearch is the key. again, thanks for the time youāve taken tom respond.
Do leases have to be recorded at the court house? Iām wanting to get copies of any old leases and find any that are not valid today. We inherited Momās minerals but she didnāt leave us any records. We found her mineral deeds by going to the county court house. We donāt want to leave a mess for our kids. Anyone have any ideas? Thanks, Laura McMurtry
Grergoryā¦That sounds like a very good offer to me and I think they believe something big is going to happen there. I canāt tell anyone else what they need to do with their finances. I hope whatever you do will be the best for you. We felt like we didnāt want to sell because we donāt owe for anything, which is a comfortable feeling. Preston was raised VERY poor and he has always worked hard and taken care of our money since weāve been married but he said when he was single he still worked hard but blew a lot of money he wished he had back. (So I tell him itās a good thing he found me so I could settle him down). lol
Everyoneās case is different. Before we knew about whatās happening down in this part of the country we would have been tickled to sell for half that amount. Thatās the same Section in which my mother in law owns 1/3 of an acre and a half (or something like that) and I donāt know whether she has received that offer to purchase or not. We wish you the best with whatever you do. Pull yourself up by your bootstrings, start over and learn from your mistakes. Ask Christ to be with you and succeed! You can do it!!!
Linda, very inspiring. I could have used that little sermon a few times in my life!
Gregory,
I guess it kind of depends why you are sinking, financially? Is there still a hole in the boat and 6 months, 3 years down the road are you going to be in the same place. Iāve seen people bail out kids because their house is 4 months behind and they are about to get foreclosed on. 8-10 months later they are 4 months behind and about to get foreclosed on again. No need to answer or share the reason here. Just ask yourself if it is a temp setback that has been fixed or if it is going to reoccur. Look at it like you would look at someone else in the same situation. What is the root cause, is that cause fixed, is this just a patch, is he going to be back in the same place again.
Obviously someone thinks they are getting a good deal or they would not be willing to pay it.
Who told you that it was top dollar? The person buying or someone that connected them to you? Have you ever had a car salesman telling you that was the best price you could get the car for? Is the person/company the equivalent of pawn shop? Are they holding or flipping. Who else is buying in the area. Have you shopped other buyers?
Research, Research, and Research. Make sure you get the potential it is worth if you sell. Many times I cringe when I see what rights are leased or sold for. (note: I not interested in buying them)
If you sell it, be comfortable with whatever the outcome is. Donāt look back, donāt look at the wells drilled and production numbers. You might get sick to your stomach. On the other hand if you keep it and nothing gets drilled, you canāt look back and change it.
You might consider selling half and retaining half.
Rick,
Great idea with the wild card ā%ā, sure makes things easier.
Rick, I was just trying to see if there had ever even been a permit filed to drill on Sec. 33, 2N-3W. I live out of state, so I have no idea what activity is around Sec. 33. Iām being approached to sell, so Iām trying to figure out whatās going on there now.
It sounds like from Chris that theyāre pretty interested his Sec. 16 to my north if heās got two operators calling. Not too far away. What would you get for forced pooling in 16, Chrisā¦and what is Newfieldās lease offer there?
Laura, yes they are filed with the county clerk. Just make sure your estate is in order with professionally written wills and reliable executors. If you move have the county clerk and any companies you are leased to or receiving royaltys from on your change of address list. Make sure your heirs are fully informed with the details of your estate. These are just basic suggestions, others might have more detailed advice concerning mineral ownership and estate planning.