There seems to be a lot of activity in Love County, OK at 5-6S-2W… can anyone share what terms you are being offered?
The most recent activity I could find was roughly a township away. But there are some close comps in early 2017 from Continental. $10/acre to $175/acre depending on the royalty. I’d reach out to both Continental and XTO and see if either want to lease.Mineralinsight.com
T. Morgan, I have interest in Love County, Section 33 TS6 Range 1W. There has been a sudden burst of interest in this over the past three weeks. I have had four offers ranging from 300 per acre, to 1000. Just for your information, in 2014 we had leased this and one other section and at that time it was appraised at $950.00 an acre according to the BIA. Because my holdings are restricted Indian land, it had to go up for bid and we came out pretty good.
Thanks so much… we are getting about 3 offers a week on our section so something is going on…
I suspect we will get a letter from the BIA before winter. Thus far we have gotten 4 offers ranging from 300 to 1000 dollars per mineral acre on Section 33 TS7 Range 1W. Section 3 TS7 Range 1W and Section 33 TS6 Range 1W were leased to R.D. Davis out of Houston, Tx back in 2014. There is actually an operating well(XTO) on Section 3 TS7 Range 1W. Section 33 TS6 Range 1W abuts this lease. The three year lease was up as of March 2017. The two year option expires March 14 2019. So, yes, there something in the air.
Can you tell us what companies and terms they are sending you for Love county? Thanks
Jay Sorry, hit the wrong button above. I am not computer literate so excuse any mistakes. I don’t have all the info you asked in front of me. The first two offers I canned without responding and didn’t even bother to write down their names because they were well below the appraised 2014 value of $950.00 per acre. I can tell you the first one was for $300.00 an acre with 3/16 royalty for 3 years. The second was $450.00 per acre with 3/16 royalty for 3 years. The last 2 were Mayflower Petroleum for $750.00 per acre with 3/16 royalty for three years, and the last was from Harvester Energy for $1000.00 per mineral acre with a 3/16 royalty and for three years. They also offered to beat any other offer that we receive should it be higher. hope this is what you were seeking.
Yes Sir, thank you for passing along the information. I have minerals in Love Co also.
Jay, You are welcome. Best wishes for a very good outcome. I will try and keep everyone informed, especially if the BIA comes back very soon with a responding letter. By law they have to be informed, then they write all the tribal land holders a letter telling them what the appraised value is and will usually have a date set for a hearing
for the properties to go up for bid. We can choose to sign a lease, but it is usually in our best interests to allow the BIA to get involved because at least we know we will get the appraised value for sure. It sometimes slows things down, but the outcome is usually worth the wait.
Tandy, do you know anything about 7-7S-1E in Love…offered $950 but sounds like you think might be worth more…or not because it is east not west?
Who are the offers from?
How much do you own? What was the royalty at $950/ac?