Hello, I am wondering if anyone knows of any activities on roosevelt co. 31n.r48e.sections4&5? 319 acres there- Our family was recently contacted by Fortwoth operating Co. for a lease offer, and are cautiousy excited about this. Our family had one other offer back in the 70's, but nothing much happened there, I was just a kid then and remember some talk about it. This operator is talking about the bakken oil fields,and we see whats happening in N. Dakota. Thanks for any .observations, as we're all relatively new at this stuff. Thanks.
I'm subscribing to this thread.
Susan:
Congratulations on your lease offer. I have been leasing minerals in Roosevelt County since 2004 and since that time, all of my acreage has remained under lease. The problem in Roosevelt County is only a few Bakken wells have been drilled over the past few years and the production figures are much lower than across the border in ND. There has been some decent wells drilled but not of the magnitude as those in ND. I have always felt that over time, this area will increase in drilling activity, especially as the acreages in ND become more and more "held by production". The infrastructure in the MT (transportation methods for oil) has been improving over the years and additional rigs have become available as the ND side becomes more HBP. Currently, EOG and others have drilling permits filed for this area which does not mean that actual drilling will occur but it is a positive sign that the interest is there. It only takes one or two very good producing wells to initiate drilling activity for an area. You didn't mention the bonus amount offered in your lease but don't expect anything near what is being paid in ND. Your concern should be more on the %royalty and term of the lease (3yr, etc). Good luck and hopefully drilling will occur in the near future.
I have a similar question... however in regards to Reeves County in Texas.
What activity, if any, is there in Reeves County? Specifically Section 7, Block C-5, PSL... I am an owner of said land.
I receive offers at least 3 times a quarter for my interests in Upton County... curious about Reeves.
Charles:
You might want to post under the Reeves County site on this forum. Go to "groups" above; click on "county" scroll to "Texas" then to Reeves County. Sorry but I know nothing about Reeves County, all on that site have holdings or interests in Reeves County.
Charles Joseph said:
I have a similar question... however in regards to Reeves County in Texas.
What activity, if any, is there in Reeves County? Specifically Section 7, Block C-5, PSL... I am an owner of said land.
I receive offers at least 3 times a quarter for my interests in Upton County... curious about Reeves.
Thanks for the reply Charles... I will post under Reeves.
charles s mallory said:
Charles:
You might want to post under the Reeves County site on this forum. Go to "groups" above; click on "county" scroll to "Texas" then to Reeves County. Sorry but I know nothing about Reeves County, all on that site have holdings or interests in Reeves County.
Charles Joseph said:I have a similar question... however in regards to Reeves County in Texas.
What activity, if any, is there in Reeves County? Specifically Section 7, Block C-5, PSL... I am an owner of said land.
I receive offers at least 3 times a quarter for my interests in Upton County... curious about Reeves.
Thanks for your reply,Charles. Yes,we made sure that the Fortworth drilling conpanywill be leasing for 3 years. They are offering 32k for 3 years.And we made sure its not a broker that will "flip" the lease (I've been studying some) We're praying that the Bakken #'s grow in Montana. This is our 1st leasing offer in 30 years. God Bless.
charles s mallory said:
Susan:
Congratulations on your lease offer. I have been leasing minerals in Roosevelt County since 2004 and since that time, all of my acreage has remained under lease. The problem in Roosevelt County is only a few Bakken wells have been drilled over the past few years and the production figures are much lower than across the border in ND. There has been some decent wells drilled but not of the magnitude as those in ND. I have always felt that over time, this area will increase in drilling activity, especially as the acreages in ND become more and more "held by production". The infrastructure in the MT (transportation methods for oil) has been improving over the years and additional rigs have become available as the ND side becomes more HBP. Currently, EOG and others have drilling permits filed for this area which does not mean that actual drilling will occur but it is a positive sign that the interest is there. It only takes one or two very good producing wells to initiate drilling activity for an area. You didn't mention the bonus amount offered in your lease but don't expect anything near what is being paid in ND. Your concern should be more on the %royalty and term of the lease (3yr, etc). Good luck and hopefully drilling will occur in the near future.
Susan,
Your land is on the north flank of a shallower oil deposit and no Bakken permits have been granted in the immediate area. I would encourage you to lease at a fair price to you but know that the oil leasing and exploration business has changed tremendously in the past 30 years. The leases today are an attempt to tie up your land for as long as possible as cheaply as possible. That's OK to encourage drilling but make sure you know the degree of future control you are giving up and make it worth your while.
The same thing happened to us. Get a good oil and gas attorney.
Gary, I really appreciate your insight. This is a great forum,and I've learned alot. It will still be a few months before lawyers get us Grandkids together to get the ball rolling here. I have a good feeling about increased drilling for Roosevelt co. God Bless, Susan
Gary L. Hutchinson said:
Susan,
Your land is on the north flank of a shallower oil deposit and no Bakken permits have been granted in the immediate area. I would encourage you to lease at a fair price to you but know that the oil leasing and exploration business has changed tremendously in the past 30 years. The leases today are an attempt to tie up your land for as long as possible as cheaply as possible. That's OK to encourage drilling but make sure you know the degree of future control you are giving up and make it worth your while.
Gary L Hutchinson
Minerals Management
The same company contacted the first part of this month for a portion of my land in Daniels County. No offers yet. They were trying to locate me & my 2 sisters. Haven't heard from them since March 8.
I have some clients with acreage in the area. Fort Worth has taken some good positions there, I assume from geologic leads. Location is important right now as some acreage has been drilled and abandoned or permits allowed to expire. If you and your sisters control significant acreage, keep it together and find out what it is worth before tying up your minerals for a long duration. What you want from the minerals is more important than what prospective lessee's want or are willing to offer.
James P. Morgan said:
The same company contacted the first part of this month for a portion of my land in Daniels County. No offers yet. They were trying to locate me & my 2 sisters. Haven't heard from them since March 8.
thanks for your advise, greatly appreciated!!
Cookie Gartner said:
The same thing happened to us. Get a good oil and gas attorney.