Rick, The OCC is the Oklahoma Corporation Commission. All wells have to be approved through them. Spacing, poolings, horizontal wells, etc. They have to clear everything before any operator can drill a well. 29 has pending hearings. 33 has some pending hearings. 30 & 31 do not at the moment. Those sections still look pretty rural on the satellite images.
Teddie was asking about 7N-4W which had the 19, 30, 31 & 32 with activity. You are six miles north of her in 8N-4W.
You can go online at the OCC and look up lots of info for free. Let me know if you need to know how.
Marilyn, The Carole 1H21X was drilled in 2015 with a surface location in 28. No one can lease because the leases in 28 and 21 are all held by production by the Carole well. Did you have another question about the well?
Thank you for responding M. Barnes. In the past you have told me that the first offer is generally a low-ball offer. The company offering the lease for Section 14, T7N, R3W is Fillmore Energy Resources. They offered $2,750 per acre for a primary term of 3 years, 3/16 royalty, with 2 year option to extend or $2,500 per acre for a primary term of 3 years with a 1/5 royalty, with 2 year option to extend. Do you know if this is a reasonable offer? I tried looking on the OCC website and couldn't find info about leasing offers. It is probably there and I just didn't know where to look... In negotiations, do companies often agree to drop the 2-year extension option. I don't like tying up leases for 5 years.... And will companies often give an extension bonus? Thank you....
I never do an extension of two years. The bonus for an extension would be contained in the lease language, but it may be lower or higher than the market value three years later (usually lower). I won't tie up my acreage that long.
You won't find lease amounts on the OCC. They are not public. Folks on the forum may share what they know.
You can find pooling information on those bonus/royalty pairs on the OCC, but kind of hard to find the case to look for. EOG pooled sec 5 for $2750 3/16, $2500 1/5 and $250 1/4 in February, 2018. Your offers are equal to those.
M Barnes - Thank you again - as usual - very good information. I had never thought about the extension bonus the way you explained it - and it makes perfect sense! Thank you again... Teddie
For state of Oklahoma leases, the extension bonus is set at half the original bonus. If the state got $3000 for a 3-yr primary term, then they will get $1500 for a 2-yr extension. Most of the time, it is better to not give an extension which is just a free option to the lessee.