Oil & gas discussion group for those interested in Love County, OK. Share your experience regarding lease bonus, royalty rates, drilling activity, and oil & gas news.
I am also interested in Love County recent lease terms. I now have interest from Fractal to lease in my 6S 1E Section 22 tract.
I did not see anything where you are located but I would try to get $250.00 an acre and a 3/16 based on a pooling order recently filed for another section in Love County. The pooling gave $200 and an 1/8th or 152 and a 3/16.
I’ve heard XTO is paying $500/acre with 3/16ths royalty for Woodford Shale prospects in various parts of Love County.
Ron, the OK Corp. Commission has permits on their website. Also, NEWSOK has permits & completions in their Business Section Tues-Sat. You have to register but it’s free.
I leased for 150 for a 3 year and a 3/16 yesterday to XTO. My engineering friend checked out the “forced poolings” and that is what was going on in the area.
I have received increasingly large offers to buy my mineral rights even though I have them leased. Every two months the amt goes up 500 dollars an acre so sounds like they are really interested in that section.
I am going to try to negotiate for more as I also have section 3 leased already and I think they need a piece of sec. 2. they are propsing to drill vertically for 9,300 feet measured depth of 12,200 to test the Sycamore , Woodford, Hunton and Viola formation from the area I already have leased so sounds like they may go horizontal eventually? not sure…anyone know…Walter Oil & Gas wants the lease…
Lynda - My wife has leased her rights also and she just received a letter from a group that want’s to buy the rights out right. Her lease is for $500/acre with a 3/16 (3 year w/2yr option). This is the first offer to buy the rights. Sounds like we could get more based on the fact that your offer keeps going up. Am I correct in assuming that? How do I find out what is going on on her particular 33 acres?
Michael, Because I was not interested in selling my mineral rights, I ignored the first few letters starting last Sept. I began to be curious in May when I received the last one and call the particular company to ask about this interest----of course, I got no informatiion just a statment saying that if I was interested, they could send me the forms and upon completion, they would mail me a check. I still don’t know what’s up in my area. Good luck and let us know if you find out anything.
Is there an online GIS map of OK that show Oil and Gas and Pipeline info like there is for Texas? (http://www.rrc.state.tx.us/data/online/gis/index.php) Please let me know…
New permit to drill issued on 08/15/2012 for Sec. 02-7S-2W for those of you who own a mineral interest in Sec. 02 Love County.
Don, I just got pooled on Sec. 2-6S-1W…does it look promising for a well? I need to make a selection…they are 450.00 1/8, 400.00 3/16ths and 75.00 for 1/5…any info on if it is going to be good? I usually go with 3/16ths but 1/5 sounds good if they come up with a good one? Advice please! thanks
Based on information on the OCC website, there have been several wells completed in this township since the first of the year. Completions are on file for sections 17 and 28 that were pumping anywhere from 115 bopd to 200 bopd at the time of production testing. To me this is no slam dunk but good possibility for a good well.
How many bopd would be a good well?
Just got an offer to lease on Sec 21, 6S, 1E from Continental for bonus $300 per acre but they didn’t mention royalty. Having them email lease to read it over. It seems that most companies are now offering 20% instead of 3/16ths. Does anyone else find that that is the case?
Rick, don’t know if my info will help…several months ago I leased very small tracts in Sections 14 & 22, 6S 1E and the lease EXCLUDED the Woodford formation. I was offered $125 & 3/16ths or $100 & 1/5th. At the time I’d heard that XTO had paid $500/ac. bonus in various parts of Love County (they were interested in the Woodford).
Any activity in 13-7S-3W? I just inherited minerals in this area.
Thanks. I still have not heard back from continental. Will post when I do.