Lease offer

Blk 2 sec 31

Family estate received a lease offer for $2,000/acre for 3 years @ 25%. Present lease expires 11/2016. Is this a competitive offer?

That's a great area. $3,000-$3,500/ac should be obtainable. Who made the lease offer?

Hi Mel. We have a lease in Blk 2 Sec 31 Abst 1054. Anadarko just completed a well in February. Our lease was for $2500 last summer. Good luck.

Acadian Land Services, which I believe is associated with Anadarko

Blk 2 sec 31 E/2 Tract 6, Tract 7 less NW/4 of NW/4 and all Tract 8 (block 1363, Tract 28708); A-49; approximately 25 surface and mineral acres and approximately 100 mineral acres only

Mel, we just received the division order for the well in Blk 2, Sect 31. I noticed that our drilling unit includes the W/2 Tract 6, so your minerals are adjacent to our unit. The well is Catclaw 2-31 and there is no completion report filed yet. It was fraced 2/10/16. The initial royalty check was for only 955 barrels sold by 2/16/16. I don't know if that is all of the oil produced or just what they sold?

Actually with Shell and this is an extension of previous lease.

Thanks. I guess we are not in that pool as we have not received anything.

Craig, looks like that 955 barrels was the sales volume and 1681 barrels was the production during February on Cat Claw 2-31. To find it in RRC Production Reports check Pending and enter District 08 and the permit number #810870

Thanks Dusty.