My sister, my cousin an myself own approx. 70 acres of mineral rights in Garvin County. We have been receiving offer after offer to buy them and the offers are increasing in value. We are not inclined to sell unless it is something quite meaningful.
The question is how does one know if they are receiving an attractive offer? And how does one compare the offer to that which one might receive in monthly royalty payments over a period of time?
When they do start drilling how long before they know if it is going to be producing? As you can see I am very new and on a steep learning curve here so any help will be appreciated.
Susie, I would suggest you pop over to the Stephens board and read through the last few days. We have been discussing that very issue. I posted some information there. With that many acres and the section you are in, put those offers in a baggie in the freezer and donât look at them for a year. You are surrounded by very good wells. PLEASE get very informed before you make a decision. It may take almost a year before you know what the future well will produce and what kind of payout you might have. Go back and forth in the Stephens, Grady and Garvin boards and learn as much as you can. We have quite a few new folks on the boards asking similar questions and there is a bunch of good info posted.
Also if you have access to County records you might look at book 2014, page 4-6 , b 2010 , p 383-386 , and b 2004 , p 770-782 . All have to do with Purdy Unit . If you donât let me know . Rick Have you seen any of this and do you have interest in Purdy Unit ?
Ron, thanks for cluing me in on this. i was aware of 17, 3, 4 although I see that Merit wasnât included on Ex A. 40 acres are in the unit and the two wells are injection wells.
Section 14 is great news. Newfield is moving into the PH Unit. I know they have 3D for the area. Does the listing of all the other companies such as Anadarko and Cities Services on the Ex A mean they have a ownership interest still or are bases just being covered. I know much of that area was developed and or owned by Cities and then Anadarko with some Oxy, Mobil and Texaco thrown in.
Lynden Could be covering their bases. One thing I found was an assignment from Anadarko to Marathon of an interest in 17-3n-4w listed as NE/4NE/4. Another was an assignment from a ELSR LP to Newfield in 14-3n-4w listed as S/2W/2 &N/2NW/4SE/4&SE/4NW/4SE/4 Also there was a agreement between Newfield & DCP Mid Stream for DCP to gather gas from sections 1 to 36 -3n-4w & 1to 6-2n-3w.
Ron, âassignment from Anadarko to Marathon of an interest in 17-3n-4w listed as NE/4NE/4â That is the part of the section in the PH unit, do you agree?
I am new to this forum but look forward to learning more about Garvin county. Does anyone know whatâs going on in Sec 23 3N 4W We have a lease with Energy Lease Account LLC in Norman and Newfield is the drilling co . I know there are plans to horizontal drill and that Relief has been sought for a Multiunit well. We have been getting leasing offers from companies but are holding off responding at this point.
Jim, if you are not leased you have probably received a copy of Newfieldâs pooling application. They have a hearing scheduled for 5/13/13 for sections 14 and 23. Once the pooling is approved you will be given several choices if you have not yet leased. This is not necessarily a bad thing, the amounts awared in forced pooling orders are generally pretty fair. The most recent pooling I could find in 3N/4/W was Continental Resources in sec.31, the options offered were $2000-1/8, $1600-3/16, $1000-1/5 and 0-1/4. If you havenât received a copy of the pooling application I can link you to it online.
Ron: you mentioned an agreement between Newfield and DCP Mid Stream about gas from sections 1-6 in 2N, 3W. Could you tell me more or send a reference. Newfield has the 1H-3x Floyd well in 6, but nothing in 1-5 as of yet. Would that agreement imply that Newfield plans to drill out 1-5 ? Thank you.