Original Mineral lease Jan. 21, 2004 being an undivided 1/16th mineral interest being 40 acres BS&F Sur. No. 513 A-128, LaSalle County, Block 4. Flat fee $250.00 received for 5 years. First extension $250.00 lease June 1, 2009 of OGMI covering .0625 net mineral interest in 40 acres paid at the rate of $100/AC. Second extension $125.00 lease July 18, 2012 OGMI covering .03125 net mineral interest in 40 acres. Prospect P035 Atlee, East Prospect. P035011K.
Now, yet another extension on above said property offer $500.00 per net mineral acre. This time with changes Virtex Prod. is now successor to Virtex Petro with assignment and bill of sale dated May 27th, 2010. Virtex assigned 75% interest lease to BP America Prod. BP then assigned 50% of its rights to Segundo Navarro Drilling. Additional three years with option to extend for additional 2 years beyond additional 3-year extension. $333.33 per net mineral acre.
At this point I am so confused. I would appreciate any and all input. With all the changes I have no confidence whatsoever in signing lease extension. There has not been any production at all since signing in 2004.
Several days ago I got a lease document from a Landman concerning LaSalle County A-717. My great great grandpa had 10 acres. I guess Iām a heir as well as my cousins and several other family members. This is their proposal to me. 2,000/net acre x 0.00661367=13.23 (100.00 bonus) 20% Royalty OR they buy my mineral interest for 300.00 and we part ways. Someone spelled my name wrong so the Landman is sending me another one. I havenāt gotten it yet.
Those were the good old days not to be seen until 2017. Right now the price of lease acreage is 25% of what it was. The game is to find a conventional operator that will lease and drill on your property. World Ge Energy will be drilling vertical wells in 2016 in LaSalle County. If interested in leasing contact Tom BradfordJr@gmail.com. We presently have 1500 acres but are interested in obtaining more. If oil is $90 dollars you are right it is a great business but when it is $40.00 it is a business that will sink you. Look at Chesapeake loss 4 billion in 3 months and everyone says oil companies make all the money.
1500 per acre bonus, 1/4% 3 years term 13.92 acres Mrs. Ma Smith JM Tarrin Naylor Jones Subdivision. I need to know about how the wells are producing in this area. Also does anyone know what a solid turquoise circle means on GIS map on the TRRC website?
Laura, I was able to pull up your lease memorandum in the La Salle County public records, and based on the legal description it does not look like your property is included in an active or permitted unit. That said, you are surrounded by EOG units, so it is likely only a matter of time before a drilling permit is issued. I am not sure what a solid turquoise circle is. A solid green circle indicates an oil well, while a hollow blue circle indicates a permitted location. If you have any other questions, feel free to email me. david@hilltoproyalties.com
Laura - I think the solid turquoise circle means High Cost Tight Sands - below 15,000ā. Thatās a well designation - I believe to qualify the production from the well for a Tax Credit.
You can download the map legend here (you can also find it under the help button):
http://wwwgisp.rrc.state.tx.us/GISViewer2/GISViewer/docs/Public_GIS_Viewer_Legend.pdf
Given that you are using the GIS map on the TRRC website, you can look at the production history for all of the wells surrounding you - to get a feel for how they are producing. Select Wells from the drop down list below the Identify button. Then click on a well. The dialogue box that pops up will have a lot of info in it. Scroll down to the bottom left - it should say Production Data Query. Click on that, and it will pop up a new tab with production info for that well. Be sure to adjust the date range - the default is for only about 12 months of production data, so change the starting year to 2010 or something like that, and hit the submit button. If itās an Eagleford well thatās been producing a few years, youāll see at the top of the table that itās got multiple pages of data that you can scroll through.
Hope this helps.