Tough question. 1) Totally depends upon what company is offering, what horizon the planned well is for and whether it is vertical or horizontal, how many more wells that are planned that they know about and you don’t know about, how long the wells will last, whether it is gas or oil, etc. Will be a lowball offer.
2)again, totally depends upon the above. Can range from a few hundred dollars to upper thousands over in Stephens in the SCOOP area.
You can read back through the last few months of Logan county to get a feel. Use the spreadsheet posted a few days ago to get a range of whether you will make money or lose money depending upon the offer. Most of us are hanging onto our acreage since the long term game is predicted to be profitable.
Going rate is determined by the mineral rights purchaser, and rarely is the same or enough. We should remember most wells being drilled today will have very long lifespans, ranging from 20 to upwards of 50 or more years. So even a small mineral interest would put bacon in the beans for a long, long time. Also it is predicted that we have a nationwide supply underfoot that will probably last 500 that is five hundred, years or more. Saudi Arabia has buplically declared that the US Oil situation is a Saudi National enemy and cotastrophe. They do not like it, they hate it.
Logan: Devon Energy Production Co. LP; McNeill 6/7 18N-2W No. 1WH Well; SW1/4 SE1/4 SW1/4 SW1/4 (BHL) of 07-18N-02W; 643 barrels oil per day, 872,000 cu-ft gas per day; TD 16,304.
Devon Energy Production Co. LP; Ringer 20-18N-2W No. 1MH Well; SW1/4 SE1/4 SE1/4 SE1/4 (SL) of 17-18N-02W; 154 barrels oil per day, 1,005,000 cu-ft gas per day; TD 10,690.
Stephens Production Co.; Nettie No. 1-25-36H Well; SW1/4 SW1/4 SE1/4 SE1/4 (SL) of 25-18N-03W; 349 barrels oil per day, 409,000 cu-ft gas per day; TD 10,153.
It means that two wells are permitted that will go into the areas you asked about. They are long horizontal wells. The Crossfield well is designed to test the Woodford formation. The Reupert well is designed to test the Mississippian formation. Each well is permitted to drain 640 acres, so an entire section. If you have a tract on that section, you should be leased or force pooled which is another type of forced leasing by the state for which you get paid. The wells are not finished yet. Does that help?
Logan: Devon Energy Production Co. LP; Ringer 17-18N-2W No. 1MH Well; NW1/4 SE1/4 SE1/4 SE1/4 (SL) of 17-18N-02W; 668 barrels oil per day, 194,000 cu-ft gas per day; TD 10,463.
Thank you M Barnes. Can’t claim to totally understand your information. Hoping that when you or someone else has time, perhaps it could be explained to this newbie?
Yes. It helps tremendously. Both sections I own are under lease with Devon and the sec. 21 is up for renewal Nov. 20 this year. Thank you so much for your input.
I notice over in Payne County, some info telling of Colorado wells pooling at 1280 acres, twice the 640 here, and they are drilling twice as deep, to a total ov 10,000 plus feet and then horizontally another 10,000 feet. I wonder if there is any significance in the fact that much of Colorado is twice the elevation of Logan County, or near to it? I wonder if they are attempting to dip into our minerals up there in the high country???
Enterprise Crude oil, LLC of OKC has just sent me an Oil Division Order and Agreement and warns against making any alterations. Unlike other agreements with Pipeline ROW agreements and Bonus and Lease agreements changes and negations were part of the process. At first reading of the back page agreement, a first for me, I am asked to furnish them evidence of title at my cost. Is the content and form of Oil Division Order and Agreement set by law and established by the OCC or is it a wild west situation. Example there is no mention of how one is to audit their operation to gurantee that payees are not being shortchanged. Ft. Worth is now suing for underpayments by oil operators of their properties to recover alleged underpayments of $800k. And everyone is aware of the Interior Dept.'s collusion with oil companies and the recent settlement over years of under reported mineral revenues due Indian Tribes. Is it possible to build in an audit provision into the Division Order stage or is it too late by then?
you can search here. Select surface location or bottom hole location and select ALL IMAGES to get everything posted so far. I used LETCHWORTH LOGAN and 23 and surface location. Gives all the LETCHWORTH wells, now pick the 25-19N-2W and hit the magnifying glass. 1000 is the permit and 1001A is the spud report. As more reports are available, you can find them here.
Ronald, get ahold of Greg Taft to see if he’s still doing leases in the area. I’m adjacent to you Sec 22 SW4. On my phn so don’t have Greg’s no. Or email handy, but maybe, somebody who knows can post it here for Ronald or private email me & Ill find it for you!!
NOTE: Currently reported production is for Woodford formation only, but Devon may be able to produce the Mississippian, Meisner-Hunton and Sylvan formations also.
Yes sorry M Barnes trying to post those questions from phone while running around at work In a nut shell I was wondering if I could be pooled under the well in 36 19n 2w, earlier this morning I had found that same link Martha Mcmorries had posted and was unable to get it to open by clicking on the magnifying glass but maybe it’s because I was trying to do so from my iPhone maybe I can get it to work from a computer thanks for your help.
Does anyone have any info or able to obtain any info on letchworth 25 19n 2w 1h well? I believe Devon is drilling from the very south east corner of sec 23 19n 2w, was wondering also about where in sec 25 the bottom hole will be, I also am aware of multi wells drilled from sec 2 18n 2w one of the wells bottom hole is under sec 36 19n 2w which i am right across the street from I received a pooling order some time ago and was wondering what well or wells I’m pooled under my legal description is sec 25 19n 2w S/2 SW/4 also I don’t under stand terminology of S/2 SW/4 or for instance sec 23 19N 2w NE SE SE SE if anyone could help with that as well thanks in advance
Sect 20 17w 3n I have this great price on a used Lamborghini, but I don’t know if I can afford the insurance until the well comes in, does anyone know anything they are not telling??? Just curious and stuff. Be a year first of the year…