McClain S12,T5N,R1W question?


#1

I live in Florida, and don’t get the opportunity to come back to Oklahoma very often. I have Mineral Rights in McClain county. S-12, T-5N, R-1W.

A couple of years ago I signed a 3 year lease no extension with Charter Oaks. I received noticed that the lease had been assigned (purchased?) by BP.

This property is a short distance east of Wayne. An old farm my grandparents owned.

This is the third time I have leased the property, and as I’m sure most of you agree, I’m anxious to see them drill on the lease.

Does anyone know what activity is occurring in that area?

I am assuming something is happening, or about to happen in that area as I have received two purchase offers in the last two years. One about a year ago for $1500 per acre, and a second one recently for $3000 per acre.

I am not really interested in selling at that level, but it’s encouraging that the price is increasing that much in a year.

Does anyone know what if anything BP has planned for that area?


#2

In general, BP is getting all the permitting done, new OCC cases heard and starting to drill. They have already received drilling permits in sections 3, 10, 15, and 7. Still ramping up.


#3

BP has until 2/8/19 to begin operations as per the OCC. They are asking the Commission to take over as operator from Charter Oaks that was designated operator under the unit pooling.

FYI, have have relocated to Florida myself after 35 years as a landman in OKC.

Todd M. Baker


#4

Hi M. Barnes!

I have been receiving royalties from Charter Oak for the past couple of years. I have interests in 8 5N 1W. However, last month, I didn’t receive payment. I called them and left a msg.; however, they haven’t responded. Is this typical for a company not to pay after awhile? Or, I noticed - in the previous post - that BP may be involved. Any information you might have would be greatly appreciated.

Thanks as always! Jason


#5

Two possibilities-at least. First, check your division orders and see if you have the minimum as $100. I always set mine to $25, so that I can follow wells for longer with regular checks. The second is more likely and that is that BP bought them out and they are still getting their new Division Orders out. You can look up you wells on the OCC well records site by their surface location and look for a form 1073. That will tell you if the well has been sold. Test


#6

Thank you very much!