vickey How many acres do you have. 4 ? Did you extend the lease ?
what are the legals of the two tracts 12 -20n-6e has had a pooling ordered filed on 10/8/12 and it listed the heirs of Joe Ann Theroux with no address, and the oil co. was ordered to pay $200 for 1/8th or 150 for 3/16th an acre.Iāll get back to you tomorrow.
If you are getting a Survey Permit, it is only that. Permission from you, to allow geophysical testing by a contractor to do seismic testing on your land. I would not waste ten cents to run to a lawyer over that. The testing will show interested parties if you have any or where the reserves are on your land. The rate is no more than $10. per acre in our area.
Vicky
have ya noticed the post above by Clint Liles about a drilling permit for section 6 in 20N 6E?
I believe the 12-20n-6e was the 40 acre tract. I have not received any pooling orders at all after the drilling order. THe other tract has had no activity after the initial lease signing bonus, and despite the larger size, the bonus was like twelve dollars totalā¦ I am guessing there is no known oil on that tract. Pooling bonus, did not know thatā¦ at least it is some information to give my siblings, who are more in the dark than myself, and also more needing of money, no matter how minimal.
If I read this right Ron, if it were 40 acres, split between my mom and her sisters (4) her share was 10 acres, and each of my moms children/spouse would get the royalty for 2 acres(5 heirs).
Iāve received a survey request, which would be my 1st ever need of a good and affordable oil/gas lawyer. My property is between Pawnee and Ponca City, anybody got a great recommendation?? I live in Texas and canāt afford to travel there right now to look them in the eyes myself.
I notice a few folks are doing a lot of hand wringing over what they are getting on their bonusā¦ I signed on early, over two years back, at $50 an acre, for 240 acres. Yes, I feel I got screwed, now looking at what others got and are getting. But it is Pawnee County, and not Custer County. In Pawnee, going back, you were lucky if you got anything. So $50 sounded good, would look better if they drill on us before the year is up. However, some of you, only own a percentage of your minerals, so you are not going to get what some folks get that own 100% of the minerals. In the end, if you get a well, itās a nice gift from the folks that passed it down to you. If you fret, and debate with the landmen and others, you might get force pooled, and get what they give you. If you own a large percentage, of your minerals and acreage, you have a bargaining tool. But if you just have a few acres, and small percentage, forget it and go with the flowā¦ you can read back, and check other comments here, and also Payne and Creek counties, for comparisons to ease your mind. Good luck, and pray, all of you, for a blessing of production in our area and that prices stay steadyā¦as we are all truly blessed to have anything going on.
Vicky So when you say you have 1/5th of 1/4th . Is that of the 80 acre tract ? Is this tract in 12-20n-6e ? If so where is the 40 acre tract ? Was the interest put in each heirs name ? So you did renew the lease ? If not you would get the bonus in the pooling order of $200 an acre and 1/8th royalty .
You are right on the split . Do you Know where the 80 is located ? If you renew the lease on the 40 you will get no pooling order on 12. You will be subject to the lease not the pooling if you renewed the lease. Have you and you siblings got your interest in your name as individuals ? How did you get the drilling order ?
In the case of horizontally drilled wells, the common practice is to pool only the single 640 acre section.
Donāt know yet Larry. Got the first gas check, which was encouraging, and am still waiting for the first oil check. Hoping for the best. I have read that, for the purposes of economic planing, producing companies expect a production decline of about 65%, from peak production, during the first year. After that, production levels out for a long period of time. I wonder if anyone has experienced this in wells on their property?
our 1st half dozen revenue checks have declined steeper than 65% per year. In a wells early life (less than 1 yr) there are many things that can affect volumes of oil sold during any given month. Itās too early to tell if our minerals are economic for the operator to produce or not. Try not to spend it all in one place ;0]
Nick, what you have experienced is probably normal. The production decline type curve, that I saw, predicts the most rapid decline occurring during the first 6 months. The first few weeks may show an actual increase resulting from clean up of frac fluids. My first royalty check, for gas production only, showed an average gas flow rate of only 84mcf during the first month but increasing to 337mcf for the second month. It will be interesting to see what the 3rd month looks like. Of course, the big money is in the produced oil. Hopefully, the oil check will cover the first 3 month of production and should give an idea of what the potential is and some estimation of the projected decline rate. Was the well, on your property, a horizontal well of the standard vertical completion?
i have a small interest in a 640 acre lease with a well (27-22n-3e) if there are wells in other sections close, do they usuall combine all sections in a combined pooling. I am to find what the word Pooling means in this instance.
sooā¦ Curtis
judgeing by the avatar change, your well mustāve done well. grats!
HZ.
Hoping to have a 6 month or so gas check soon. It amazes me how long revenues are apparently held.
Would have been impossible except for the fact that WE found the truck ourselves, salvage dealers are required to check drivers licenses, phone numbers and have video of these sales. Anyone missing vehicles and machinery need to be awareā¦you might go by 108 and look for yourself on the east side of the hwy, across from the salvage. They have the darndest mess of old collector type cars and trucks from big to small. Am ready for the rope, and have some fine oak trees on our place for the job.
Anything new on the Privett #1-12H well? Heard it was producing. API# 35-117-23498. I have mineral rights that I have leased out and just wondering if anything has happened.
No production info on Privett yet that I could find .