Joe, Tetra Energy picked up a bunch of leases in 3-15N-2W in 2012. Now it is Petroleum Strategies Unlimited Inc. in 2013 added in with Tetra Energy. Tetra has only been in business since June 2011. Both are out of OKC & AK. I suspect they are leasing for someone else. Some of the players in the area are Devon, Sundance, Slawson, etc. I am leaning toward Devon since they are active in sec 11 just south of you.
Jay, they will usually frac as soon as they can get a crew if the preliminary signs from drilling warrant it. They want to make money just like the royalty owners. If it is a horizontal well, then they will need to frac to get production. If it is a vertical well, then not always, but usually. Every day they sit on location without progress costs them money, so “indefinite” is not in their best interests. If the well doesn’t look good, they will just plug. In some cases, they will drill multiple wells in a close geographic area and then frac them all at the same time to save on costs. That is when it seems like “forever” if you had the first well drilled.
How many cows are on your farm and who milks them? I am a experienced milker, having spent over 13 years pulling the boobs on 12-23 Guernsey’s twice a day. But my rate per bucketfull has gone up so you probably can’t afford it. Cheaper to get a DeVal automatic milking machine, but they are not as fast.
Ann, the going lease rates depend upon where you are in the county. If you give a township and range, we can give you a better idea. Low end $250, upper end $850/ac with varying royalty rates.
I need to have the title cleaned up for our minerals in Logan. Can someone recommend a person that can do that for me? I live in Tulsa and don’t know where to start looking so I thought this would be a good place to start.
It’s not facebook. I sent you a become my friend on this site, you accept and them I can write you off the forum. Or you can go to the top where you sign in and out, friends and I will accept.
Ann, Here’s an 2012 OSU presentation that has a lot of info you may not want to read, but page 37 shows producing formations in Sec 24-15N-03W Logan. Looks like you have some good Woodford Shale in your Sec. 16, so I would do same as M Barnes. Good Luck!
Ann, the section just north of you (sec 9) was just pooled for $650 1/8 (don’t do) or $550 3/16. So $550 is about the going rate for 3/16. Don’t take anything less and try to get more.
If you really want to lease it, ask for it and tell them what you want. This area is not as known for the 1/5 or 1/4 like Stephens County. At least get the 3/16. I usually wait for Force pooling here and take the $0 and 1/4 if I can get it. Otherwise, I take the 3/16.
If you are talking to a leasing agent, always ask for the 1/4 or 1/5. That particular pooling order did not have it as one of the options, but they frequently do.