I own the mineral rights to 125 acres and the surface and mineral rights to 45 acres located about 9 miles south east of Big Wells, Texas. We currently have it leased to Chesapeake for $1200 and acre and have just signed a contract for seismic testing. Does anyone know how long this process takes? Do the oil companies do seismic testing on all their mineral acreage or do they only test in the areas they are really interested in. I am new to all this and just trying to find out more. I don’t live in that area but I did recieve a call from a land owner who told me they are seismic testing the property across the road from mine so I hope that is a good sign.
I am not an expert - we leased our property 3 miles south east of Asherton to Chesapeake about 1 1/2 year ago - Sullivan is doing our seismic and did prelimary work before hunting season - cleared paths - supposed to be finishing up now but was told all the freezes slowed them down. Chesapeake has one more year and half to do something. I know they are drilling all around us and we were told that we should see some significant activity early fall 2011. We shall see!