New Offers in Ector County

Texas Mineral Rights Ector County, TX
1

There are some similar posts, but they are closed now. Our lease with Venture expires in June, but can be renewed for 2 years at their option. The bonus was just over 7K each; the lease was for “42.12 acres of land, more of less, out Section 34, Block 42 T2S”. Now there was a clause for anything running contiguous or adjacent, and that was found, amount of acreage unnamed, thus the higher bonus. At least most of that is under a subdivision in Odessa. They named Arrington as the potential driller.

We are now getting offers to sell… Anything going on there? I understand Venture was signing new leases, at least as of last year.

25% royalty. There are 4 of us, it appears at least 2 want to sell, unless I find something to induce them to not do so – for 88K each.

Also, I’d like to find out what other acreage we own, that caused Venture to increase the bonus. They did not specify.

2

There is nothing specifically going on for Sec 34. Just a bunch of drilling east of you. CLR new Barnett wells up at the airport north of you.

I don’t know how much you own to say if $88k/head is good/bad. I’m assuming its not 100% of the 42.12 acres.

3

It is 100 percent, shared by 4 siblings. So, that offer would be for 25 percent of the rights each. Thank you. It does look to me as if Venture is still signing leases in the area, at least as of last year. The question would be what else we own there, as we were told additional acreage was “found” but it was not specified.