Papa G, you are held by the Basin Operating Linton 1-5-32XH well. Not one of the big players, so they can sit on that well as long as it is economic before drilling any more.
Randy, your area is not as popular right now. If you are held by the Ralph 1-31, then nothing may happen for a while. The well does look unhealthy though. Continental is in the nearby area with pending poolings. Those will tell the going prices.
Michael Card, probably because wells have been drilled after the 2015 date of the exhibit... 2 wells in 26-4N-5W since the 2015 date of the exhibit ... LAUPER 4-26H (Springer Formation operated by Gulfport) and MORRIS 1-26-23XH (Woodford Formation operated by Marathon)
Shelby, send them this form. Use the exact description that is in your lease. Send by certified return mail receipt requested. Also make sure you did not sign a Payment draft as you may be held by it as far as timing.
Stamps Bros, Tuttle, advises Ralph 1-31 P&A'D. They are leasing in the area.
Papa G, Don caught my typo. You are held by the Cunningham 1-5H. I had the 5 in the wrong place the first time I looked. Continental has it. They have a new well planned, the Cagle 1-5HS. Case number 201703512. Order 675606 approved April 2, 2018. Nice maps on the exhibit.
Sorry for the goof. I typed in 5-6N-6W this time.
Mack...have you leased to Stamps before? Everything work out? We had a situation with them that did not go well. (No pun intended.)
Stamps will have you sign a lease, then may not ever pay you!!!! Wait and there will be a much better opportunity for you.
Bill --that's not good. What's a reasonable amount of time between signing a lease and getting paid? Is there a way that can be specified and guaranteed in the lease? I'm not up for playing games. We have rights in the 1-31 area that has been plugged and abandoned and currently being leased. Any advice would be most helpful.
You should be paid within 15 days or LESS once a lease is signed. Don’t ever send an original to anyone without payment!!
Best practice is to sign and send a copy. Then when paid, you can send the original. Just be sure you are dealing with a company that has a stellar reputation. Again never send the original lease with out payment.
That’s what we do, send a copy of a signed lease in advance. When they get a check ready, meet them face to face and swap the original lease for a check. Sometimes lease agents are middle men and need the copy to show whomever is actually cutting the check there is a deal nearly in hand.
Excellent advice. I have little tolerance for being jerked around. Being a newbie I can see where just about anyone can claim to be a landman and set about signing leases without the funds to pay for them until they can flip them to someone who can. In the meantime, if the market turns down I can see where they might be unable to find a buyer and the deal unravels.
I saw there is a permit to drill 12-5-5. Only two sections over. Red Rock is drilling.
Gordon, that is Interesting because I have mineral rights in 26-4-5 but I do not receive anything from Marathon. I do receive "pennies" from Merit Energy for that location.
Since you folks are in a helpful mood. Can any of you tell me about the type of production in Grady 6-7W-7N. Is it a strong producer of oil or is it an edge of the field gas producer.
Thank you again M Barnes! I was looking for a permit not an order. So, I guess an order is all that is needed to drill.
Papa Gordon, no permit yet. I just checked on the OCC website. They "usually" get the order before the permit is filed.
RANDY, What I usually do is sign the notarized lease, make a copy for my files and then make a copy for the land man. Write COPY, DO NOT FILE in HUGE black marker on every page and especially over the signature portion. (I have heard of several dubious land men taking a copy and filing it at the county clerk's office). Email the land man the marked up copy. I live out of state, so get my in state accountant or attorney to hold the actual lease. When the land man shows up with a certified check, he/she gets the original lease. I rarely sign a draft payment letter and only if it is a very small amount of days.
Garland, 6-7N-7W is in the Woodford and maybe also the Springer trend. (Check the Continental investor presentation maps). It is in the gas with condensate zone, but more on the dry side than the wet side. Recent offers to buy indicate someone is very interested in it.