Key Exploration recorded 58 more lease memos on March 1, bringing their estimated total so far to:
in 194 surveys
covering almost 52,000 acres (this may be somewhat high as it’s difficult to catch all the duplicate tracts)
East Texas Energy has recorded 38 leases during this same time period. I don’t think they are working with Key because:
They haven’t recorded any seismic options
They didn’t record any leases until 11/24/2021 and the earliest lease execution date was 10/20/2021
Key first recorded on 9/24/2021 and their first lease was executed on 1/5/2021
I think ETE picked up some intel about a big project and decided to get involved with the intention of flipping some leases.
For now, I’m sticking with my guess that Chesapeake is the company behind this leasing. I checked the Cherokee County deed records, and during the 2005-2009 period, there are almost 2,400 recorded documents showing Chesapeake as grantor or grantee. Now some of those are ratifications, extensions, amendments, assignments, etc., but the bulk are O/G leases/lease memos. I spot checked the surveys involved, and most were in areas adjacent to Key’s current leasing area, but I did find a few surveys that are in the Key area.
During the 2005-2009 period, Chesapeake submitted 43 W-1s for vertical wells in Cherokee County, all of them showing planned depths of 12000 to 18000 feet, suggesting a deep gas target. Strangely, I found nothing when I did a Completions Report search. However, I was able to find a bit of completion info via the W-1s for a few of these vertical wells. I looked at three, and all of them were Travis Peak completions, so I’m going to extend my guess:
Horizontal Travis Peak project
Keep in mind, I’m an amateur and I’m likely to be completely wrong!