you shouldnt not have accepted. You are foolish. this is going higher. Your post makes you sound like you work for diamond or Chesapeake. No one should lease for less than 375 since that is what it is going for now.
I accepted the offer based on all information available to me at the time. I don't believe it was foolish as this is a free market and you make the deal you think is fair. I think it should be confidential. Companies withhold information for this very reason. Yes, my post kind of sounds like I favor oil companies, the truth is that I am now partnered with them by the lease. It will go higher only if they find oil, but they can't drill without leases. And when they find it, I want that to be on my land. I am a new lessor and I don't want to wait anymore than I have to to find out if there is oil where the real money is. I joined this forum only to gain knowledge, nothing more. So far I learned that everything in this industry is a crap shoot. Make your bet and best luck to everyone.
Hi Double,
I was curious were you land is. I have property in Kiowa County (T19 R49 area) but I am not familiar with Kiowa county as I live in Washington state. I could not find a Blue Lake in Kiowa county. Can you give a Township and Range?
Double Dipper said:
I accepted the offer based on all information available to me at the time. I don't believe it was foolish as this is a free market and you make the deal you think is fair. I think it should be confidential. Companies withhold information for this very reason. Yes, my post kind of sounds like I favor oil companies, the truth is that I am now partnered with them by the lease. It will go higher only if they find oil, but they can't drill without leases. And when they find it, I want that to be on my land. I am a new lessor and I don't want to wait anymore than I have to to find out if there is oil where the real money is. I joined this forum only to gain knowledge, nothing more. So far I learned that everything in this industry is a crap shoot. Make your bet and best luck to everyone.
I have 2 parcels (pardon me for not giving legals on public forum) by north west corner of Adobe creek reservoir, locally known as Blue lake. It is in southwest section of Kiowa county bordered Bent county. Nearest town is Arlington on Hwy96. I see 4 producing wells within 2 miles of my parcels according to eser.org, owner names are in my first post. I happen to know one of them, but hate to intrude. My thought behind leasing was that once the companies aquired enough mineral acrage, leasing activities will slow or stop until production. If there is no oil, you've missed the bus. Diamond guy told me that happened in Bent county and I thought that to be ligitimate.
Has anyone that has been offered a lease been able to reduce or eliminate the company option to renew for 5 additional years? The tentative offer is for 5 years with the co. option for an additional 5 years which seems too long and is for the same $ amount as the first 5 years. Any suggestions would be appreciated.
I asked for 3 yr in renewal, they (Diamond) would do 3 yr at same $ or 5 yr at 50% increase. So I took 5 yrs (less per yr but bigger lump sum).
I may know an small energy group that's interested. Give me a call and I can give more details. (405) 420-3071. Thanks...Matt W.
Thanks, I'll give you a call.
Matt Whitaker said:
I may know an small energy group that's interested. Give me a call and I can give more details. (405) 420-3071. Thanks...Matt W.
When I talked with both McDonald & Diamond they were both quite adamant about not reducing it to what I wanted and had normally gotten in other leases, 3 yr term & 2 yr option to extend. The best I could get was 4 yr & 4 yr which is what I settled for with Diamond.
Bill Dixon said:
Has anyone that has been offered a lease been able to reduce or eliminate the company option to renew for 5 additional years? The tentative offer is for 5 years with the co. option for an additional 5 years which seems too long and is for the same $ amount as the first 5 years. Any suggestions would be appreciated.
I've heard there getting close to what and my begin pulling back offers soon.
Ken
"Chesapeake Energy is not only pulling back to analyze results from six confidential oil wells in southwestern North Dakota, it also is sending notices to mineral owners in Hettinger and Stark counties that it won't honor lease agreements signed months ago."
Read more: http://bismarcktribune.com/news/state-and-regional/chesapeake-energy-pulling-back-won-t-honor-lease-agreements/article_89324038-5214-11e1-ba31-0019bb2963f4.html#ixzz1lu8iWTqj
Is this what you heard for Kiowa County? Can you tell us your source?
Thanks!
Ken Austin said:
I've heard there getting close to what and my begin pulling back offers soon.
Ken
Good result coming out of state lease sale today!$400+ in some areas. will keep you all updated
Diamond and was talking about Bent County and some of Kiowa. Makes it sound like there getting close to having enough land in the right areas.
N Case said:
Is this what you heard for Kiowa County? Can you tell us your source?
Thanks!
Ken Austin said:I've heard there getting close to what and my begin pulling back offers soon.
Ken
If you interested in an offer please contact Kevin Green at 432 528 6867.
$750 an acre! CHK wants this stuff!
Mike,
Where/how are you getting the auction results already? I have not seen them posted yet on the Colorado web site yet. ( http://trustlands.state.co.us/Sections/Minerals/Pages/Auctions.aspx )
Congratulations! Get cash, just to be safe.
Mike rhymer said:
$750 an acre! CHK wants this stuff!
It's official Diamond Resources is representing Pioneer Natural Resources out of Dallas. Permitting should start in the next 4 - 6 weeks for test wells.
Good Luck Everyone
Ken