Dana, I leased mineral interests in 33 2N 3W back in Jan 2012 w/Jackfork who typically leases for Continental (I don’t know about exclusively), but I would be surprised if Newfield is involved in that section as well. We leased for $1000 p.a. @ that time. Wish I knew then what I know now.
Thanks M. Barnes, that helps me quite a bit. I will look up the cause. I think I will deal with Newfield direct. Sounds like the $0 bonus and 20-25% royalty would be the best option. Don’t really need the upfront money right now. Thanks!
Thanks Hutch.
FYI Everybody … some interests facts. I was going through some old files regarding Garvin County and here are a few highlights:
In July of 1991 Vaughn Land Consultants offered us $100.00 per net mineral acre.
In September of 2012, Pentex offered us $3,000 per net mineral acre.
Still thinking of selling?
Jim, Newfield has plans for a multi-unit horizontal well in sections 14 & 23-3N/4W. They anticipate each section will be allocated 50% of total production. There are a handful of applications pending and they will be in OCC case processing until at least the end of August.
Newfield is planning to drill a multi-unit horizontal well in Sections 23 and 33 2N-3W. Well starts in Sec 21 and goes south into 28 and then into 33. 67% in 28 and 33% in 33. Woodford and Hunton on the list . Look up Cause 201304123-T on the OCC website. Over 400 recipients. Wow. There is a map at the end of the Order. Exhibit B.
If I were you, I would wait for the force pool and deal directly with Newfield. I am in the section next to you. If it were me, I would pick $0 bonus and 20-25% royalty if they offer it. Or if you need money immediately, pick the 3/16 bonus-never 1/8 and reply promptly. Just remember that Newfield is the company drilling up to 5-6 wells per section just to the northwest. I would rather have 25% royalty on five wells than a bonus (which you only get once) and 3/16 royalty. Sec 29 to the NW had $1700/ac and 1/8 etc for their force pool to give you an idea of what they might offer.
I think I finally figured out where my mother had mineral rights. We are in the process of getting it put in our name as she did not have a will. Let’s see Section 10 Township 2N Range 3 east 30 acres, Section 23 Township 3N Range 1 west 85 acres, Section 25 Township 4N Range 1East 160 acres. This is the information I received from the PV Courthouse. I don’t know if any activity is happening in these areas or not. Thanks for any help!
Martha, is it not uncommon for NFX to plan a well in a section (33) that I leased to Jackfork, considering that JF normally represents Continental? Now I’m confused and that very rarely happens. LOL
Dana, it probably depends on location, but we recently asked Newfield for a 1/4 w/no bonus in 2N3W and were told that was not an option @ this time.
Susan,
I don’t see anything going on in those sections at this time. There has been a bit of leasing in 25-4N-1E in 2011.
I would not get too excited about the acreage numbers just yet. I’d bet that it is gross acreage instead of the Net Mineral Acreage. The NMA would be the amount your mother owned. The gross acreage would be the based on the total description of the tract. It usually has an “undivided 1/6 of” or language similar to help determine the NMA. However you won’t find that in a lease. Maybe in a probate or deed where she gained her rights. But even some of the probate do not specify the full and correct legal, only the gross description. I have several on my desk right now that say “interest in” and then list the gross descriptions.
They can both be in the same section. Shares the risk. It is kind of strange. Looks like Energy Lease Account or Continental has filed almost all of the leases, but Newfield is on the Pooling and Horizontal hearing dockets. Hmmmm…Hearing was supposed to be on July 8. We should hear soon. Continental was on the list of respondents. Maybe they cut a deal…
Vicki,
Glancing at pooling orders Newfield received in 2N-4W the last 3 years, 17 out of 22 offered 1/4 RI.
6 out of 10 offered it in the last year in Garvin.
Hearings for the multi-unit in 28 and 33-2N/3W have been continued 'til 7-29-13. A company called Barbour Energy has enter a protest to the pooling of section 28.
Energy Leasing LLC is usually the one that leases for Newfield around here. Is that who you are calling Lease Account, Martha?
There are several sections that I noticed Continental (through Jackfork) and Newfield (through Energy Leasing) both have some royalty leased. Then there will be some others (some well known and some unknown) also with leases in those sections. I rather hope it happens in our sections 29 and 34 which we have leased to Continental through Jackfork. Hope Newfield drills on them but not if it causes a holdup like it does on some sections while they duke it out!!!
Sorry I reread and you DID say ENERGY Lease Account.
Rick, would it be possible to do a sidebar for me to ask you a question sometime? I am not sure how this is done, however I understand this happens. I have been following Stephens, Grady, and Garvin groups on occasion, however I need to do it daily. Thanks, Charlie
I’ve been trying to figure out why Merit Energy says we have different % interest in various tracts with them. I finally realized that where we have interest in a whole tract (NEPHU C3, for example) we get what the Final Probate says we should. Where we have interest in 1/2 a given tract, we get 1/2 of that, etc. Is this the way royalties are normally paid? Do all Oil Co’s use the same method of dividing sections into “tracts”?
Pam, your net royalty is in proportion to the number of acres you own in the unit multiplied by your fractional interest. Example of a 640 acre unit and you own 40 acres and have 1/4 royalty: 40/640 = .0625 x .250 = .015625 is your net royalty. If you owned 20 acres it would be half that.
Hi, I’m new. I have recently received some unclaimed property from Colorado where i lived a while back. It was a check from Conoco-Phillips for some production in Garvin Co. It’s located in Sec. 27-2N-3W N2SE. The well is only producing about 7 barrels a month. It’s name is Foster-Tussey Unit #1. Ihave been following your comments for a few days and i noticed there is a lot stuff going on there. How would i find out if i have any additional royalties coming. The check was from 2002. My siblings and myself didn’t know we had any interest in Garvin Co. I guess my father, now deceased transferred it to us after my G-dad passed. Any help on what the future might hold would be greatly appreciated. Thanks, the clueless one.
Pamela, It is kind of like a venn diagram. You have an interest where the two descriptions overlap.