“Neil Atkinson, IEA head of oil industry and markets, said shale oil production will rise again in the future as oil prices recover. He said nobody expects $100/bbl oil again but that $80/bbl oil is likely around 2020-21.”
http://www.ogj.com/articles/2016/02/ihs-ceraweek-iea-sees-global-oi…
Good morning Martha. This rookie has a few questions for you. I think AEW is getting close to the bottom hole on both the wells in 9 18N 2E. Once they get to the bottom hole, will that show up on the Completion Reports or will it not show up till results are in? On the completion report, it will show Oil BPD. Is that the initial flow? Will it show higher BPD after fracking begins and/or pumping starts? Thanks for any advice. Even at $34 per barrel I’m still looking forward to some royalties in the future. Thanks much, Jimmy
Martha,
I just emailed Plymouth and they told me they would have initial production figures for me in a couple of weeks…thanks.
Fred
Hi, I have a question and I hope someone can help. We (5 siblings and I) inherited a very small share of mineral rights in Payne County from my dad who passed in 2006. In 2012, we entered into a 3 yr lease that has now expired. We want to transfer this share to the 6 of us and are curious how we go about doing that? Any help would be much appreciated. This is what we own: t is an undivided 1/64th, one sixty-fourth, interest in 160 acres at this location:
The Northwest Quarter of Section Twenty-five (25), township Eighteen North (18N), Range Three East (3E) of the I.M., Payne County, OK.
Thanks!
Jimmy, Completing they run pipe, cement, set service casing and production casings, production string to bottom, then perf and frack. A well can produce after perforating, but most need to be fracked. About 6 months after completion the Oklahoma Corporation Commission reports the oil/gas initial production, but that doesn’t mean the well will be produced at that rate in the near term future. Example: http://imaging.occeweb.com/OG/Well%20Records/1DD27ADF.pdf
Most of the wells are directionally drilled and a Actual Well Path report (Survey) will be on the OCC site also. Example: http://imaging.occeweb.com/OG/Well%20Records/03089DD9.pdf
Thank you Martha, I had seen a post where you recommended him to someone else and made a call to him…just waiting to hear back.
Jimmy, Correction, that’s surface casing not service casing.
JC, For letter requesting all production royalties and back production royalties due to your interest include a copy of your Division Order (D.O.) and a copy of Oklahoma statute 52-570.10 (see below). http://law.justia.com/codes/oklahoma/2014/title-52/section-52-570.10
If you don’t have a D.O. NARO recommends: http://www.mineralweb.com/owners-guide/leased-but-not-producing/div…
For detailed well production request use:
Ok…next question, we had a lease that expired last year, is it possible the company is still active on the property? We have not gotten any payments since this has expired and is there a way to find out?
Thanks much Martha
Jimmy
Need some help please. A month or so ago someone( Martha I think) posted a link to a form demanding interest, back production, etc. I lost it when changing computers. Any help will be greatly appreciated. JC
Barbara, You can by Warranty Deed or Quit Claim Deed divide the interest. I use Attorney Charles McBride in Stillwater, OK 405-624-9990.
Barbara, If you never received any notifications of spacing, permits to drill etc. and the operator did not drill or commence work in the time period set forth in the lease it has lapsed. You can get a release of lease to make sure. Ask Charles McBride if you need it. Example: http://www.landman.org/docs/forms/oklahoma686.pdf
Martha, Thanks greatly. JC
Thank you Martha, I have been in contact with Mr. McBride over matters including getting the share transferred to my siblings and myself, unfortunately dad did not put the share in his trust so it will be a very expensive endeavor to transfer.
WSJ reports that 50 oil tankers are waiting to unload oil in the port of Rotterdam. Lack of storage should cause all oil producing countries to cut production. IEA reports US shale companies are starting to cut back, but there’s talk of US rail car tankers being used to store oil.
Martha, AEP just announced they are spinning off AEW. They are drilling the two wells in Section 9. What does this means to those of us that have mineral rights but no lease agreement yet? And is this a good, bad or indifferent happening? Jimmy
Jimmy, I don’t know why AEP is spinning off AEW, so I have to speculate. High producing wells are worth more once they are separated because low producing well weigh overall profitability down. So, borrowing money is better for the company holding the high producers allowing the company to aggressively compete with others in the area. As far as leasing goes, you have to look at the production around your section. If it’s good you stand a better chance but if it’s not so good you may have to wait until prices recover.
2015 IEA Midterm Oil Market Report states: “Remarkably, US Light Tight Oil (LTO) is expected to remain a top source of incremental supply, with growth initially slowing to a trickle but swiftly regaining momentum later on, bringing production to a projected 5.2 mb/d by 2020. Russia’s problems, field depletions and cut backs in high-cost deep-water projects in West Africa and elsewhere will leave North American unconventional production looming even larger in total supply than previously thought.”
http://www.iea.org/publications/freepublications/publication/MTOMR_…
Today, Aubrey was indicted on Anti Trust charges. Charges claim he rigged the price of oil and gas leases in Oklahoma from 2007 to 2012. If found guilty he could have done 10 years for it.