We have several leases in Kingfisher with Linn Energy, SEC 29 & 31 and are still getting royalty payments from them on a regular basis. Now I understand that other companies are drilling in adjacent sections and we're starting to get offers to buy our mineral deeds. So far about $3500/acre. I don't think we'll sell but I have heard that the Linn bankruptcy could be months or years which concerns me. Does anyone have an idea if Linn could start putting down more wells or do you think they will not do anything until the bankruptcy is settled? I feel that we maybe sitting on more oil but it won't be tapped until Linn makes some kind of move. Any ideas?
They could have everything I own for $3500 per acre..lol
Getting those "we want to buy" letters is a good sign. Start worrying when you don't get them. My gut feeling is that Linn will come out of the bankruptcy just fine.
Remember, minerals in the ground are better than money in the bank. You want them to come out of the ground when the price is high. Don't rush into a bad deal.
Thanks, from everything I read and hear there will probably be more drilling in Kingfisher so I plan to hang on to the rights. $3500/acre sounds good but if they bring in more wells in our area it will be worth much more than that in my opinion. We've already been stung once when our mother sold mineral rights in Blaine County for a very small sum because she though it would never amount to anything now our section has major new wells and someone is making a lot of money, sadly not us. Lesson learned.
So, Linn Energy is out of bankruptcy, dumped a lot of their debt but I can't find any information about them putting down more wells in Kingfisher County. I wonder if anyone has heard of new wells around Section 31 and 29?