Good Morning All,
I need a little explanation of just what exactly is a “Spud” as stated in a portion of the property description below,
“…Glasscock County, Texas, save and except, however, all wells spud before the Effective Date of this Agreement.”
They also refer to shut-in well royalties in this lease too which I don’t completely understand. I assume that refers to the current operators who are paying us royalties on a regular basis.
So if any of you can help me, great, as the research on this site for Spud was still vague for me.
Thanking you all in advance, Kelly