Yes. Ronald. Let us sleep well this night!
Virginia,
Thanks. I was incorrect on the cost to drill. I read an AFE cost rather than a total cost. You surely have better information than I.
My production info is also limited to a Trial week on Oil Law Records Data Base. What I saw was a few Logan County horizontals starting production in late 2011. Data stopped in August 2012. I did see totals to date of plus 50,000 but only a few. Also, it seems the production rate was almost down to nothing. Apparently a huge burp and its all over.
Seems logical that multiple wells per pad will drive down the drilling cost. I suppose time will tell on that.
No disagreement that a good lawyer up front would be a good thing.
Peace. Thanks for sharing your wisdom.
This particular property of mine is just north of mulhall a couple miles and back east a little right on the Logan/Payne county line , my property is high I can see for miles around me and I counted 7 rigs up right now west of me and east of me into Payne and all 2-3 miles south of 51 all cactus drilling and H&P drilling I believe H&P is out of Tulsa it’s interesting to watch because it appears almost as if they are trying to map this all out and those are just the ones I can see, now 4&5 miles south looking at the pads Ive seen looks like they are getting ready to do it again running east few miles into Payne county and west as far as hwy 74 in the crescent area interesting stuff I guess time will tell.
Virginia, you are correct. This one instance I mentioned was just the tip of the iceberg, I had a few others before I made it my business to “know” the oil companies. Nothing that I could not easily handle has happened since, which leads me to believe that my approach works. I just want people to know who they are dealing with, to become as informed as they reasonably can, to get help if they need it, and most people do, including me. I wish people would think more about a contract and what it means. These are not cellphone contracts where the greatest consequence is a $250 default which would only result in bill collectors calling and a slight drop in your credit score. The oil and gas lease is as real as it gets and there isn’t enough money in an acre or two to make me sign a bad contract. I would literally rather get absolutely nothing from 2 acres than sign a bad contract. I would suggest people in that situation to simply sell for as much as you can get, because while nothing may go wrong, if it does it could cost you more than you would ever make from a lease. God Bless us all.
I agree with Virginia, especially about Chesapeake. Leave as little to chance as humanly possible, if production is gained, the lease is for a very long time. If you left anything open to interpretation, it’s like setting a coffee cup on the hood of your car, could you drive 15 years without it falling off? Any opening in your lease may become a problem over time, given enough time, even with the best operator.
Just a footnote to my last comment when I said that the 12 month productin is “limited”. 50,000 to 60,000 barrels of oil in a 12 month permit is not trivial. That is in th $5 million plus range and the cost to drill from what I have seen is about $1.
Was driving up to check on my cows, I live in Edmond so for some reason I decided to go up hwy 77 and drive through mulhall and on the north edge of town there is a cactus rig with a sign saying Devon on it, this must be S34-19N-2W its just off hwy 77 on the west side of the road must have just got it moved there in the last couple of days and looks like it may have been drilling just commenting in case someone has a interest in this well.
Thats a good question Virginia cause there is a multi unit well a couple miles east of me that that in my opinion seems like they are having a hard time with when they took the rig down and moved it Halliburton came in with all their trucks and equipment to frack the well, they where there doing what they do then they where gone figured they where done then a few days later not an expert but over one of the wells they drilled looked to be a work over rig then a couple weeks or maybe a month I loose track of time Halliburton is back again with all their trucks fracking again? They have been working on these wells for months it seems maybe so, maybe they aren’t getting a good frack.
Hi Todd! Thanks for the information! Nothing like getting information from someone who lives there that’s keeping an eye out on what’s going on! I saw the info. posted by Haley regarding 36-19N-03 a few days ago which, is SE (two sections away) from where I’m at 22-19N-03, so it’ll be interesting to see if they get a good well!!
Thanks again, for keeping us up to date!!
Haley … Thanks for posting the information about Devon pulling permits on 36-19N-03W! Wish they would move up a couple of sections, but I guess I can wait for them to drill the “biggest gusher ever” in the state of Oklahoma!! heehee
“Drill baby Drill” and drill some more and more and more and …
Virginia
concerning water - last year there was a few months of semi-regular news about NG or LNG being used instead of water in the fracking process. It sounded very promising as an upcoming evolution within the fracking world. The residual benefits were numerous. Leaving fresh water for it’s other needs, returning from it’s use as marketable, less need for disposal practices, etc… Can’t find anything on it lately… wonder why? In drought ridden Oklahoma would sure be a good place to implement it.
Right Virginia, I am not even sure how far we would have to go back to see a 50,000 well. But might I make a point of the fact that it has happened, and we are just on the verge of using our new technology, and there have been very recently, in Alfalfa County for one, several 1200-1250 bpd wells. That, according to my algebric expression, comes out to what…a365,000 well. Seeing that Sadam Heussein set fire to over 500 wells in Kuwait, and they burned off over 35,000 bpd for weeks even months, and many are still pumping to this day, and then knowing that the DEEPWATER HORIZON, that everyone loves to hate, LEAKED over 38,000 bpd for 87 days and they believe it would have leadked that much for as long as 10 years, I fail to understand how anyone can see the writing on the wall? It is also widely held that everyone knows that the USA will be rid of foreign petrolium chains within 2 more years. It is coming, and even with my head inb the clouds as it is always or** could not do the things I do, I still** very much believe in the possibility, even probability, of a ten to twenty thousand bpd well in Logan county. Or I am a monkey’s Uncle.
Kaye,
You bring up a good point. All attorney’s aren’t the same and they can only help you if they understand what you want to do. They are like doctor’s in that sense. You have a pain, where? If you go to an attorney and said, " Should I sign this lease", he/she may say. It need a couple of things, period. That doesn’t do it. You have to know what you want. Do you own the surface, mineral only, have lots of acreage, know what your neighbor think and will do? All of this makes a big difference. Also, do you need the money or are you scared of losing the dollar? Like you said, it’s a big game and we are the chicken that are put into a flock of trained wolf’s. And forget the court system when it comes to law. Things you think shouldn’t be able to happen can happen right before you and you know it shouldn’t be right. Good example was when R W said he signed a lease and couldn’t get paid. This has happened a lot and unless you are willing to spent a small fortune you won’t win.
Ronald
I once worked in a high-rise building with a couple floors of lawyers. One elevator ride I was the only non-lawyer and their conversation pretty well defined their bizarro world. The entire ride I listened to them compete about who had the most ex-wives and alimony to pay - with pride.
Maybe killing is too extreme… but we certainly need to quit electing them.
Larry,
I will agree with you on not electing lawyers, I got a cute joke, but I don’t think they would appreciate it on here. We no longer have the Bald Eagle for our country motto, It’s now a skunk. You figure the rest out.
But, you don’t have to be on an elevator with just lawyers to hear this. Look at Doctor, CEO, Engineer, all high paying jobs. Girls are looking for these guys to make a killing off them. They don’t want to stay married. My husband and I have friends who have been married several times and are always looking for greener pastures. Have a friend who left their husband after being married 45 + years, the guy ran out of money, so she left to find another richer guy. I know you don’t care for attorney’s and that is O.K with me. I can’t say I like their profession either, but I do have lots of good friend who are attorney’s and they try real hard to do the right thing. But, sometimes you don’t win cases by not looking for the dirt. I wish we didn’t have to have them. In the old days, a hand shake and your word did it. That was till the railroad and oil companies came along. We didn’t have unions in the old days either. Look what that has done for this country. So, I guess we will just except our life’s as they are today, hope for the best and live as good of a life as we can. I am very lucky and I thank God very day for it. But, he also gave me a few brains and knowledge to work and take care of myself.
Ronald,
Guess that only leaves the bad one.
Ronald … hahaha Don’t suppose “they make em’ to last too long” in Obie’s old stomping grounds!!
I think u had asked about the trees a while back they are starting to come on.
Well, well, well, I surely wish them great and wonderful luck, but RUDDY DUCK beat ROUGHED GROUSE to the Spud, but it is still Slawson who did it, so our day is near. DRILL BABY DRILL. (anyone see Sarah on the news the last 3-4 days?)
let’s see, reduce drilling costs??
seems to me when there’s a waiting line for drilling rigs, supply and demand has it’s natural effect and more rigs would reduce the costs some. They certainly would help expedite energy independence, and as long as obie keeps federal lands excluded the local economies would get a boost from folks getting their royalties.