fORGOT THE QUOTE, here it is…from Robert Brian. (As a footnote, while I was on a navy ship patrolling the Persian Gulf, a couple stops in Bahrain, my future father in law, whom I would not even MEET for another 20 years in Missouri, was working in Bahrain the very days I was there He was an electrician for an oil company there. Strange.)
““The difference between wells in Ok. and Saudi wells, or for that matter wells in Prudhoe bay, where I worked for 22 years, is that OK wells are being pumped out with a downhole pump. Volume is a matter of inflow into the well bore, and the output capacity of the pump, plus the back pressure determined by how much gas it is producing, (psig). Wells in Prudhoe or in Saudi, you just open the wing vavle and it flows at 2000-250 psig.””
53 Million owed to Oklahoma minerals owners who can’t be found."
Oh my golly, Virginia, well, like Buckwheat playing Romeo said when Alfalfa, playing Juliet said “Oh Romeo, wherefore art thou?” Buckwheat replies, "HERE I IS!" Romeo, said,
If a horizontal well was producing 100 bopd after 6 months it would be producing around 25 bopd and like db said, what if it were a bad well, Look at many of the wells that are 6 to 25 bopd and guess what they will be producing in 6 months and how many years it would take to make $2500 per. A person would be a fool to sell all of their minerals if they knew future well production that would pay them the sell amount in short order but what of those who held on to all of their minerals and got a well that, well wasn’t so good, there are many of them everywhere. My belief is only a fool says they can predict the future.
just need some info on how to obtain an official copy of an estate tax return showing ownership by my mom’s friend of all mineral interests in both the NW and NE sections of 18n, 4w in Logan county. I have an uncertified copy and the Okla Tax commission sent a letter stating they don’t have their microfish going back to 1984–AND, only an original signer can request a copy. This is bull to me. My mother and her friend are long deceased and if I have a copy, then I know that somewhere in the bowels of some office the original exists. just need to know how to secure that copy and have it certified. All other documents showing the lineage have been filed with the Logan county clerk. Can I have an agent on my behalf walk in and request a copy? Part of the parcels are on housing property in Lovell–and I already have the deeds showing severing of the mineral rights to my mom’s friend, and hence, to my mom as co-owner. thanks. at a brick wall.
I understand that the offers took big leaps after the 2,500 well came in on Alfalfa County recently. It is a little vague to myself that Alfalfa Mississippian Play is more natural gas area than believed to be oil? But Logan is more oil than gas? I often wonder if somebody just does not dream all of these figures up out of the blue?
I don’t understand why anyone wants to sell their minerals unless it’s such a small amount that it isn’t worth messing with.
Lets say, you have 160 minerals at $2500 per A = $400,000. cash.
Now lets say, you get a well that makes 100 BBD, you have 160 A mineral leased at 3/16 and spaced on 640. You share in one year would be about $150,000 after taxes. ( this wasn’t figured to the dime) Now take that time 3 years = $450,000. You just lost $50,000. As I have said before, people don’t buy minerals to lost money. If I didn’t think I would make a profit in 3 to 4 years, I would sure keep my money. Usually they don’t offer $2,500 per A unless a well is very near or one is about to go down that looks very good on paper. So, people need to think twice before selling their minerals. My says is, Only a fool or someone who really need the money would sell.
I sure hope I didn’t causes you to lose any mineral purchases. But, I was only expressing my feelings. Yes, their are a lot of bad wells. My grandparent only got one lease during his lifetime, no production, but he keep the minerals. My parents, got several leases, a well and did good, then the well went dry, but they kept the minerals. I have leased several times and presently do not have a well or have it leased on this one farm I am talking about. But, lets say, you lease 160 x $350= $56,000 and some minerals I have leased for over $500. = $80,000. Now lets say, my grandfather wanted the money. Our family would have lost all the enjoyment of the leases and wells. But, we would have still had the well mess. If I am purchasing a farm and it doesn’t have any minerals, it’s going to have to be a really good farm or I will go on by.
To me, owning minerals is like having money in stocks, yes they will go down and then 20 years later, another oil bloom and they go up. If you sell the minerals for $400,000 and invest it in CD making 1.7% you are going to get a big total of $6800 year unless you spent some of the money.
I think everyone needs to make up their own mind if they want to sell the minerals and if I had less than 5 acres, it may be more trouble than it’s worth because it would cost an attorney to draw up a paper to file at the Co. Clerk office when I pass away. So, they it doesn’t pay to have lots of little tracts in several different counties.
One more thing we are over looking. When oil was only worth $20 a barrel, our 1.00 purchasing power was also a dollar. Today, our money is only worth about .67. Now, I don’t have a crystal ball, but the only way I can see getting out of the mess this country is in, is to devalue the dollar as we are, by printing more all the time. So, in 5 years, our dollar may be worth only thirty cent. But, our minerals will still be here if we don’t fall into a sink hole. I have to wonder how much postages is spent on trying to get people minerals. I bet I have received over 800 letter offering to buy my minerals, starting price of $1,000 then went up. Last was over $2,500. You see, I would buy minerals for $2,500 if I knew the well came it at several hundred BBD, this is a no brainer
I didn’t like being called a fool as I have sold minerals without needing the money and I used that money but not to place in a CD making 1.7% like I guess you would but put it into a purchase of apartment complex that I will sell soon at a premium. The minerals I sold ended up getting a well that is now hbp for years producing very small amounts of gas. Perhaps my decisions are different because I worked hard for my minerals, my grandparents and parents didn’t give them to me. The past does not predict the future and as for stocks you mentioned, look at Japan’s stock market and tell me how it would have been smart to have invested there 20 years ago as you would have lost over 2/3rds of your money, think it can not happen to USA stocks. You did not prevent some for selling parts of their minerals as there are many who make intelligent decisions. It is call return on investment or in most cases here, return on inheritance given you. I don’t post to convince others to sell but I also hate to see others make such vivid exaggerations like I read here.
db-----around the first week of Feb. we got an offer from Wake Ser. in Edmond for $2000. Last week we got one, and I can’t find the envelope to tell you who it was from, offering up to $2500 depending on how many acres we had for sale
Virginia----I agree, like I said before, hang onto your mineral rights, they don’t them anymore. Mine have been in the family for many years and that is where they will stay. Even without a 100bbl well. They have been a good conversation starter for years and we always laugh about it later.
One more thought, look at where oil prices were just a few years ago (in the $30’s) or how it was below $20 in the last 11 years and just how long would it take to make that $400k if oil went back to what it was and who can predict that it won’t and can’t. Just look at the tremendous rise in USA production in a short few years and then look at what drove prices to over $100 a barrel, economies borrowing money like our country and now we are printing to be able to spend, what will oil prices do when we can not borrow and print any more and have to pay it back, what is the prediction of oil prices and payout?
You will need an attorney to request the information from the Oklahoma tax commission. But, the person who filed the tax has to sign an affidavit, then the attorney states the reason for the request. I’m not sure how long Oklahoma keep the returns. I don’t understand what would be in a tax return that isn’t filed at the Co clerk office. Did you check the Co. Clerk office on probate records? Everything that is on the tax form should be on that records.
I am sorry that you took it the wrong way, I wasn’t calling you a name, please forgive me if you took it that way. Everyone needs to do what they feel is right in their situation, no one can tell anyone what to do or what is in the future. I hope you the very best on your apartment investment. I have already been there, made a little, so hurry before the bubble bust. I have purchases lots of my minerals and some of my land, so I didn’t inherit everything. So, don’t tell me about working hard, I have been there. As far as the stock market goes, I have lose my shirt on Global Cross and several other, I have lost big time on mineral that I have purchases, but I also made some really good money on some. But, I still don’t think I would sell if someone offered me $2500 per A with a well that is getting ready to produce at a couple hundred BBD. And there are a lot of stripper wells around making less than 5 BBD, but I don’t think they are offered $2,500 per A. I was only trying to point out, if someone offers you $2,500 A, something has happened or getting ready to happen. I sure wouldn’t offer someone $2,500 per A, it would be a lot less. As far as wells go, some come in big, don’t last long. Some come in smaller and just keep going for year, most of us won’t be rich, but it sure helps. But, I’m not sure what rich is anyway, people think in thousand, some think in million and others it’s billions. Maybe you can tell me what is rich, then I will know. Hope you have a nice day.
db------Good morning, the sun is shining and the snow has been gone for a couple of days, is there anything going on in our sec. 20 that anybody should know about? Wehaven’t seen anything about a spudding permit so things must be at a stand-still for awhile. we’re still getting offers to buy our mineral rights so the interest in drilling there hasn’t gone away.
Now we are getting down to the nitty-gritty of this discussion. I would not sell if I only owned ten square feet of Logan county. Something is in the makings. As for owing China money, who cares, do you not know that our President and out Senate and Congress can screw China as easily as they screw us Americans? Of course they can, aqnd they will, too.