My in-laws own mineral rights on:
Section 25-Township 8N-Range 7W Section 30-Township 8N-Range 6W
They have companies offering them from $1,000 to $6,000 per acre to buy their mineral rights.
Is Continental Resources drilling in this area or have they drilled? Are there any wells near this that are producing? If so, what are they producing? Should they sell or keep?
Thanks so much!
Gary
Help the Helpers!
Gary, click the home button and look at recent activity, you have a few replies already to your other thread.
Gary,
Your in-laws are in a gas field producing from the Osborn formation and are most likely HBP (held by production) from those older gas wells. Ask them when they last got a production check or if they remember leases. At the same time, two large and prominent operators are drilling and testing or are permitted to drill horizontal wells to deeper oil-producing formations deeper into the Anadarko Basin. These wells will be within 1.5 - 2 miles of your in-laws’ minerals and on opposite sides of them. These are not wildcat wells in my evaluation.
It could be that the offers to buy are in part to clean up questionable HBP acreage rather than fool around with leasing. If they have large acreage, your in-laws should get some professional help in making their decisions. Big bucks may be at stake over the long term. If acreage is small, a sale at the right price may be as good as the hope a lease brings. Whatever, holding an auction is not a good answer to the situation.