Can anyone assist with finding out the going rate for the lease in this area.
The property description is 147.5 acres situated in the F.J. Haskins Survey, Abstract 136 and the N. McLane Survey, Abstract 189 in Karnes County, Texas. Of the 147.5 acres, 91.5 acres are in the F.J. Haskins Survey and 56 acres are in the N. McLane Survey.
I'm in the process of receiving an oil and gas lease from Conoco Phillips. I was told the hot spot is the land around the boarders of Gonzales, Karnes and Dewitt. My property is around this area.
Natasha
It looks like burlington resources (which is owned by conoco phillips) has a permit pulled on the McLane survey. It looks like you are in the gas-condensate window. As far as a lease bonus, I am not familar with that area or lease amounts so its probably best if I just don’t say anything about what is a good offer…from the little I know, I would suggest that your tracts are on separate leases or include a pugh clause to make sure that the one well doesn’t tie up both tracts
Hey thanks Phillip. I looked on the Texas Railroad Commission website and I saw that two permits have been approved. I was advised by the individual doing title research for Conoco Phillips that two land surveys where done hence the F.J. Haskins and N. McLane. One lease was approved in Dec and the other on January 14th. I also noticed there are already two wells on the site, one for gas and one for oil. Would you happen to know if this means they are already drilling. When doing a little more research I thought Conoco Phillips owned the land however my family and I own the mineral rights. I guess I'll wait until the lease comes which should arrive any day now. When you state make sure the tracts are on seperate leases, what exactly do you mean?
Natasha
Philip Mollner said:
It looks like burlington resources (which is owned by conoco phillips) has a permit pulled on the McLane survey. It looks like you are in the gas-condensate window. As far as a lease bonus, I am not familar with that area or lease amounts so its probably best if I just don't say anything about what is a good offer...from the little I know, I would suggest that your tracts are on separate leases or include a pugh clause to make sure that the one well doesn't tie up both tracts
From what i read, it sounded like the mineral acres are separated into 2 different plots...one in the McLane survey and the other in the Haskins survey. Therefore, they are in different spacing units so by having two leases (one lease for each plot), you prevent one producing well to tie up all your tracts. For example, in ND, the state gives out separate leases for each tract, even if the tracts are within the same section. Just an idea...however, you have a decent amount of mineral rights so maybe hire an attorney or another trusted professional to look over the lease
I noticed there are two permited locations on the Haskins survey and 1 permitted location of the McLane survey. These are only permitted wells and have not been drilled yet. As for the survey system, I posted a discussion and Mr Cotton gave a nice very good response about how the survey system works in Texas and how it was developed. May be worthwhile to check out:
http://www.mineralrightsforum.com/forum/topics/public-land-survey-system
Mr. Mollner,
Her lands are located in Texas. The separate tracts may or may not be in separate units. It depends on the verbiage of the other leases and the acreage position that her lessee commands. Spacing units typically have very little to do with voluntary pooled units in Texas.
Philip Mollner said:
From what i read, it sounded like the mineral acres are separated into 2 different plots...one in the McLane survey and the other in the Haskins survey. Therefore, they are in different spacing units so by having two leases (one lease for each plot), you prevent one producing well to tie up all your tracts. For example, in ND, the state gives out separate leases for each tract, even if the tracts are within the same section. Just an idea...however, you have a decent amount of mineral rights so maybe hire an attorney or another trusted professional to look over the lease
Thanks so much for your responses guys. Your feed back will be utilized when reviewing the lease.
Natasha
Gotcha. Thanks for letting me know. Texas always has to do things differently (just kidding).