Got a offer to buy my minerals in Pecos County Sections 31 and 43 Blk 49 Twp-9 a few months ago by someone who also has minerals in the same area. The offer was less than the last lease which has long been expired. I understand folks flip leases but since in his words that area is “all but dead” nobody buys a lease for no reason. Either he’s just trying to buy more to hold or resell. If it’s resell then somebody is interested. I can’t remember the company but read somewhere a few months to a year someone was wanting to buy mineral rights in Pecos. I asked basically the same question 10 years ago. With all the hiring in the oil field advertised on Facebook something must be in the works. Anyone have any knowledge of this area by chance? Are there any other minerals that could be in the area to lease separate from the potential oil? Trying to think outside the box.
My Pecos $0.02
Not all Pecos is the same. That far south is a problem. Wolfcamp well performance is poor, too much water. I would not count on anything happening there. Plenty of Contango/Halcon evidence that its hard to drill an economic well in 48 T9S or 49 T9S. I mean at $120 oil some things that stink at $60 oil begin to stink less, but that is still pretty suspect to me.
People typically don’t lease for no reason as the clock is ticking, but people will buy just hoping that things work out. It’s not awful to be the guy who is just hoping that things work out (i.e. what you will be if you don’t sell) if the offer is real low. Forever is a long time. Well performance may improve, or 150,000 bo wells may be a great deal at $200 oil. Yeah, it’s kinda annoying if the guy offering to buy is also telling you how crappy it is. You say he owns nearby, offer to buy his minerals at the same price.
No I don’t think anyone would lease for anything other than the BoneSpring/Wolfcamp potential.
Thanks for your input. I appreciate it.
No plans to sell. I inherited it and currently no cost to own.