My family owns property in sec 1 12N- 25W of Roger Mills county Okla. We have recently been offered a lease. I am trying to find out about recent activity in this area. I started a county forum group for Roger Mills but as of now I am the only member. Any help will be appreciated.
I have mineral rights in Sec. 2, 14N, 24W and know that some people got as much as $2700 per net acre. I leased too soon and got $750. It has turned out to almost be a sure thing for the drillers to hit fairly good pay in the entire county. If you don't want to sign a lease you might wait it out and see what kind of numbers are available when they force pool you. We received a letter after they force pooled our section that offered three options to anyone that was not yet leased. In our case the most money was the $2700 per net acre with 3/16 royalty. I wish that I had waited. If you own very many net acres I would consult an attorney before signing a lease.
Gaylon,
I don't see anything in your section but two companies are active in the area. Laredo Petroleum and Cordillera Energy Partners have drilled or are in the process of drilling in several sections near you. Two of the most recent poolings by Cordillera have paid around $2000/acre. I only saw one recent oil and gas lease recorded in section 1 and it was by Laredo. It looks to me that leasing in your section has just started. If you haven't joined already maybe the Cana Woodford group would be a good idea for you.
You are in the eastern portion of the Granite Wash. This is a stacked play. For that reason, make sure your contract contains a Pugh clause, also known as a Freestone Rider. That way you can lease layers under the deepest layer drilled by the original lessee.
Also, make sure you have a clause indicating that you are free of compression, processing and transportation cost. Otherwise, you will end up paying their production costs. Your lawyer will have to craft this clause.
Always use the lease prepared by your oil and gas lawyer, never accept the lease provided by the oil company.
Good luck,
Bob Gill
I am new to the forum and have become a bit lost in the research. I have mineral rights in Roger Mills County Section 22 016-N 022-W. Apache has been active (2 wells) and I have received a few checks (higher since Cordillerra sold to Apache). However, I am stuck in the lingo. When a well is showing as "Drilling Completed" is that a report for that month? I have had some offers in the $30,000 to $40,000 range in the last couple of months to buy my rights. Not great - but fairly significant for what I have. I've always been told to never sell the rights, but am wondering if I have made a mistake by not accepting them. Is this area still looking "hot?"
On one hand, I am guessing they wouldn't have been offering this kind of money to buy my rights if things were winding down. I've been told by "armchair pros" that the area is far from finished. It's hard to know who or what to believe.
Any thoughts, help, would be appreciated.
Thank you!
Mike
I left my # on your friend inbox if you want to call tomorrow I'll get you some production information around you .
Michael Thompson said:
I am new to the forum and have become a bit lost in the research. I have mineral rights in Roger Mills County Section 22 016-N 022-W. Apache has been active (2 wells) and I have received a few checks (higher since Cordillerra sold to Apache). However, I am stuck in the lingo. When a well is showing as "Drilling Completed" is that a report for that month? I have had some offers in the $30,000 to $40,000 range in the last couple of months to buy my rights. Not great - but fairly significant for what I have. I've always been told to never sell the rights, but am wondering if I have made a mistake by not accepting them. Is this area still looking "hot?"
On one hand, I am guessing they wouldn't have been offering this kind of money to buy my rights if things were winding down. I've been told by "armchair pros" that the area is far from finished. It's hard to know who or what to believe.
Any thoughts, help, would be appreciated.
Thank you!
AN ATTORNEY DOES NOT GO TO SCHOOL TO LEARN HOW MUCH IS ENOUGH FOR AN O&GAS LEASE. Under the most current forced pooling I have seen, you didn't do too bad--at the time.
larry d. sanderson said:
I have mineral rights in Sec. 2, 14N, 24W and know that some people got as much as $2700 per net acre. I leased too soon and got $750. It has turned out to almost be a sure thing for the drillers to hit fairly good pay in the entire county. If you don't want to sign a lease you might wait it out and see what kind of numbers are available when they force pool you. We received a letter after they force pooled our section that offered three options to anyone that was not yet leased. In our case the most money was the $2700 per net acre with 3/16 royalty. I wish that I had waited. If you own very many net acres I would consult an attorney before signing a lease.