John, Sorry, for not responding earlier, busy trying to get one step ahead before the new week begins. Like Virginia said, I got $800. per net mineral acre with 20% royalties for 3 yrs., w/ a 2 yr. option @ $1200. per net acre. Chesapeake only wanted to offer me $300. per acre with 3/16th. which, I had a problem with especially, after it was diclosed that they flip the leases making a huge profit! If you are able to work with Greg, you will find that he is honest and very easy to work with, as well as, having the patience of Job, answering all of your questions! Good luke!!
“John, You can contact Greg Taft at gtaft@moncrieffoilproperties.com.” Steve had Greg email address. Thank you Steve.
My brothers and I got a call yesterday from a gentleman from Huna Energy and I was wondering if anyone in here has heard of this company. He’s interested in leasing in T17 N. Also, has anyone received any offers in that area and if so, would you share how much you were offered?
Sean, Hope you were able to get ahold of Greg. Wish I had some more minerals to dust off!! LOL
I also contacted Gregg with my question and he responded right away and was very pleasant to email with. Thank you for the information! I think he kept us from making a costly mistake.
Greg,
Are you leasing for Moncrief Oil Co., out of Ft. Worth, TX?
I have been lurking in here, watching the activity going on in Logan. Been busy with my other minerals in Colorado, but decided to dust off my Logan minerals, again. Thanks for the tip on calling Greg, he seems like a nice guy, and sent him an email with my mineral info.
We are not affiliated with Moncrief Oil in Texas, we are Moncrieff Oil Properties, LLC. The rocky mountain oil journal messed that up as well when they published an article back in May about state lease auctions in North Dakota and I think has further confused the subject.
Thanks Greg for clearing that up.
Virginia
It could happen. Oil prices go up and down. I hope they don’t drill, and I get my lease back. I would love to lease it out for 1000 dollars per acre or more. Especially since they just drilled a big well, the adkisson on my northern border. By the way, the last update is that the unexpected gas production is causing back pressure on the well which is inhibiting oil production. The sales line cannot handle the gas. They are planning on flaring the gas. I am going to talk to the corporation commission about this, and find out if this is a temporary fix until they get a bigger sales line to handle the gas. Oil production has been pinched back until the fix is in.
My brothers and I are just now finding out that the mineral rights we hold in Logan County, for the most part were never updated in the land records to reflect the various inheritances. We thought we were covered when the rights were registered at the Logan county courthouse but evidently land records are something different. Does anyone know how we can update the land records to reflect the mineral rights we inherited? The original owner passed them to his son who passed them to his wife who passed them to her son who left them to our father who left them to our mother who left them to me and my two brothers. Seems the records weren’t updated from the very beginning. Thank you to anyone who might have an answer!
Brian,
I thought flaring the gas went out back in the 1960 to 1970. I bet that is only temp as that would be an EPA problem. If I remember right, most of the lines in the N part of Logan are only 4 to 6 inch. Looks like they will have to put in some 8 to 10 inch lines.
It is fairly common to flare gas intermittantly on oil wells throughout the life of them. It can be due to a number of reasons, but a common one is when gas plants have issues and you need to flare gas for a day or two until they fix the problem. I don’t think this area is a nonattainment area meaning the EPA restrictions are not higher than standard and likely are based off on tons of VOC’s (volatile organic compounds) so flaring of gas gets rid of most of the VOC’s as it burns the hydrocarbons down to CO2 and water vapor. In the old days they used to just vent, but the EPA has a big push to no longer allow venting and require flaring or sales of product. One day you will see them require catalytic converters on flare stacks…probably in 10 years or so.
Has anyone heard that oil prices could go down to $50.? If this happens, I’m sure their will be lots of wells not drilled.
I just heard this at one of my meeting and I’m sure I heard wrong. Also, the Fed’s are suppose to meet next week and that may make a lot of differences.
Any information would be welcome.
Sounds like you need a good lawyer. I find it hard to believe that an estate that was probated didn’t transfer the mineral right. In Oklahoma unless it was left in trust, most property has to be probated in order to prove ownership. Their are a few excepts to any rule though.
All records for Logan Co will be recorded at the county clerk office. But, estate records are in one book and land records are in a different book. When the estate were settle, the lawyer should have file a mineral deed to be recorded in the land book. Now, you will probably have to go back and sign affivdate of ownership and all this may take time.
Looks like you are going to have to go back at least 6 estates and that really surprise me that one lawyer didn’t do it right. Hope these mineral are a large acreages as it maybe costly otherwise. Are you sure they weren’t sold along the way.
You may want to go to Logan Co county Clerk office and check the records for yourself before you hire a lawyer.
There is a good lawyer across the street from the County Clerk office, can’t think of his name, but he would probably do you a good job.
Thank you Virginia. I think I’m going to see what I can find online and then contact our attorney. I live in Alabama or I’d be down at the court house first thing Monday morning!
Ann,
I just realized a person can’t get into the probate records unless you are an attorney. Sorry.
I’m seeing 3/16, 1/8, and 20% offers to the mineral right holders. Can someone tell me what those figures means in terms of cash in the bank?
Thomas,
I assuming that you are talking about how much difference their would be in a person check if they got 3/16 or 20%.
Let’s say you have a well that produces 40 BBD and you own 160 a of a 640 spacing, Making you 1/4 owner of the spacing unit. Now you would divide by 1/8 (.125) into 40= 5, then divide again by the amount of acres you own, in this case 1/4 of total acres 5 bbd= 1.25 bbd x $90 (price per bb = $112.50 your share.
at 3/16 (.1875) you total barrels would be 1.87 x $90=$168.75
1/5 (.200) or 20% you total barrels would be 2 x$90 = $180.00
This is not the best way to figure it but it’s the easiest to explain.
1/8 on a 40 bbd x yearly = 41,062
3/16 on a 40 bbd x yearly = 61593.75
1/5 on a 40 bbd x yearly = 65,700
Hope this helps.
Also, usually if you take less for a lease bonus, you can get a bigger %. But, sometimes the oil companies don’t want to change the % at all.
Thank you for the information. In all fairness to our lawyer, he only came into the picture in the 90s and this problem goes all the way back to '72. I guess I need to see what we can do to update the information however, I don’t know that there is enough in Logan county to spend much more money on. Most of what we have is in Payne county.