It’s been 3 months since you all gave me advice. I now have been offered $3,000/nma for my acreage in Ellis county, Sec 1-18N-25W by Castlerock Resources . He said it ‘s a little east for him but he may increase the offer. It’s a $1,000 more an acre than in June. Any more advice will be appreciated. Thanks
John: The royalty on your current lease is important when trying to determine what is a “good” offer. Also, the number of acres can play a difference too.
It appears that Mewborne Oil is slowly working its way towards your section with wells 4 mils to the south & east, but there are no guarantees in the oil & gas business. In essence, the offer is for future production that may or may not happen. Buying and selling minerals is all about financial risk management.
Thanks Todd. My lease is a 25% royalty and it is with Castlerock. I executed it with them on 1/24/12. I don’t think they ever drilled a well as I never received anything so if not the lease would have expired. Is there a way to check on this to see if there is a well. I know I sound a little naive on this but I just can’t recall if I ever received any royalties on it.
EOG drilled the Parker 1-1H in 2012 in 1-18N-25W. If you have not received royalties, then you should contact them and see why not. The well is still online.
Ok thank you for your input.
https://imaging.occ.ok.gov/OG/Well%20Records/1DD08AA3.pdf Completion report - EOG address included.
Mewbourne just filed cases for another well in section 1 & 36 to the north. That is why you are getting the offer. If you sell and are owed royalties, the buyer will get them. Plus any new royalties for the new well. Is your name and address on file in Ellis county courthouse?
Wow thank you very much.