In McClain County Sec 30 8N 4W has approved Wells to be drilled , but as of yet I don’t believe any work has begun. My question is does anyone know if they are close to drilling or any other info pertaining to this property. I know it is part of Blanchard ,but the West direction is somewhat open. My question is being asked as about a month ago I got an phone call with an offer to buy the mineral rights (offer #1) and then several letters from different companies about selling to them. My mineral rights are currently leased. I have taken a wait to see attitude as I’m not in need of money and want to see all this play out. Today, I got a call and a contract sent to me via email from offer #1 at about 41% higher than a month ago. Is there any good reason other than offer #1 might have been low a month ago though that offer was higher than what I got to lease it.
Any thoughts on this topic would be appreciated.
Warrick has a well planned for the E/2 of Section 30 with E/2 Section 31 for the Mississippi formation. The well was supposedly spud back in November, 2020.
EOG has plans for 3 wells in the W/2 of Section 30 with W/2 Section 31 for the Woodford formation but I don’t think they have spud yet.
Which well (s) you are subject to will be determined by where in the Section your minerals are located. Possibly both.
There is no real correlation between the price for buying minerals and for leasing them. Its all about competition at the time.