Anyone had any dealings with a Northwest Oil and Gas? Contact says they are operators not brokers. Approached me re interests in Stephen County OK.
Andy, I googled them and didn’t find much. These days if a company doesn’t have a website I would be a little leery. A great deal of the drilling in the area in and around Stephens County is either Continental Resources or Chesapeake. I’m sure there are some reputable, smaller operators but I feel safer dealing with someone with deep pockets that pays by check rather than draft. Eleanor and I both got $1000/ac. leases from Continental. Their agent is Jackfork Land Co. you might want to give them a call and ask if they have any plans for your area. Also, remember their offers are not written in stone, the leases are negotiable. I got an another $400 an acre just by asking “is that your best offer”. Northwest may be fine but they might also be someone trying to get in on the action cheap and then flip the lease for a nice little profit.
I do appreciate the advice. Still a "newbie" at this but learning fast. So far, thanks to Mineral Rights Forum and a couple of contacts in the industry, I haven't been burned too bad (yet). I can't imagine anyone trying to manage m.i. long distance without being at least somewhat computer saavy.
Was your Continental lease in the same section/area as Eleanor's?
Rick, My lease is in 2n/4w. Eleanors is 1n/4w, pretty close. They started drilling mine on Oct 14. I don’t believe hers has been spaced or pooled yet.
We have several in the 4W area, 2S, 1S, and 1N. I have an offer to
lease in 2S 4W now that I need to start negotiating. I think I need to contact Jackfork
and talk to them. This info will help. I'm guessing that you are talking about
a 3 year lease commitment.
Right, three year with a 3/16 royality. Sometimes they will offer a couple of options like a lower lease rate and higher royality or higher lease, lower royality. If you are not familiar with the OCC website I would suggest you take a look at it http://www.occeweb.com/index.html In the meantime if you want to give me your legal descripions; section, township, range I would be glad to look them up for you. This is a valuable negotiating tool that shows you if there are any pending judicial cases. If you know what stage an operator is at in this process you can get a feel how serious they are about drilling or if they just leasing acreage for future development.
Thanks again Michael.
I can find some info on the OCC website. I'm getting better at it. I may give you a yell on some of them in the future.