This is called PUN search but you can search by legal description too. Click on Search by legal and enter you legal description, then click search. It is likely that the website will be 4 to 6 months behind.
You can find the PUN # on the top of the completion report, it is also called the OTC production unit number. You may have to call the OTC for the purchaser code.
On this web site you can find the monthly report filed by the Purchaser of the oil. You will need the purchaser code. Search for Form 300R. Enter the Purchaser code. Select the date of report you want. Then scroll down to the PUN number. http://imaging.occeweb.com/imaging/OGProd.aspx
The purchaser code might be Vitrol Inc. purchaser code 22580**. **
Joyce, I’m thinking you found the OCC completion report which shows the production at the time of completion of the well, but OCC does not keep up with the production after the completion. You can to go to OTC site I just posted to get the production that has occurred after the completion.
Martha in regards to your posting of Sept 11 "However, Payne county east of the Nemaha fault zone forms a discharge ‘locus’ where pressure reaches near atmospheric and that means the condensate comes out of the ground as a liquid and not as a gas that has to be processed. " I am wondering where the fault line is? Or more precisely would 17 N 03 East be east of that line?
Penny, 17N 03E is east of the Nemaha Fault aka Nemaha ridge. In KS it’s called the Humbodlt Fault and in OK it’s called the Nemaha and it’s on the southern end of the Midcontinent Rift that runs from Lake Superior to OKC.
I just received another offer for my minerals. They stated that American energy applied or was going to apply for forced pooling in 31-18n-3e. However, I haven’t seen anything yet. I did receive a usps notification for a certified letter to be picked up on Monday. The last time was info from American Energy but was not a lease.
I recently received an offer from Land Services, Inc to lease oil/mineral rights for section 22-19N-02 E in Payne county. The offer was $0 bonus and 1/4 royalty. I’m new to all of this and would like to know if this is a fair offer for this area? I’m also concerned that no bonus was in the offer - is that unusual? I appreciate any advice/thoughts.
“but it’s not unusual to receive an unfair offer” You can say that again!! Kathy I found the forum only a month ago. I have read several great posts that I would put in the MUST READ category. Search and read!!! Be sure to explore data from like area as yours from the OTC and OCC sites. Remember the (landman, oil co. etc.) that has contacted you want to lease your mineral rights. Let them make all the offers to you. Take your time, your in the drivers seat. Most likely you are receiving an offer from a middle man. Most will be friendly but remember they are ultimately working for themselves not you.
Kathy The big Co.s don’t what to give cash and a 1/4 yet but they will have to before long. Like Grant said your in the drivers seat . The terms of your lease are also very important.
Thanks everyone for the great advice! I’ve been trying to absorb as much information as I can to try and educate myself and this forum has definitely helped. I want to feel more confident working through this process. Definitely need to put on my negotiators hat! What complicates things even more is working with relatives with mineral rights - folks get a bit crazy when money is involved.
Ron, I know for a fact that the Oklahoma School Land Commission leased for triple what was being offered and given in a section adjacent to one of mine and the OCC pooling order did not adequately consider this school land lease. Also, there were old farm outs, and farm in deals made through outside letters of agreement that were not considered. There are many legal games being played and the play ground is not level. The point is that mineral owners should evaluate their minerals based on recent geological and scientific data and present their findings to the OCC. Here’s an excerpt from Oklahoma Geological Survey “What’s my Lease worth”
"A company wants to lease the mineral rights to my land. How much should I lease it for?
Lease rates are based on several factors, including past production, current activity, and trade secrets.
The value of mineral rights for petroleum is related to nearby drilling and/or production, or the exploration potential of an area. For example, if there are no productive wells near your land or no wells are currently being drilled, your mineral rights may not be worth much, perhaps a few dollars per acre. However, if the company you’re dealing with has been exploring in the area and believes petroleum is present; these rights may be worth much more. Of course, the oil company will attempt to keep their ideas secret and lease as much land for as low a price as possible. In areas close to active drilling or significant production, the value of a lease may be $200-$400 per acre or more." http://www.ogs.ou.edu/oilgasfaq.php#3
Ron - want to make sure I understand your comment about taking more than one option with my interest. I’m assuming you mean lease contracts from several companies and that could potentially result in better offers? So I could divide up my interest - and when you say interest I believe you are referring to acres? Sorry for all the basic questions!
Kathy, Payne minerals are leasing for over $250 cash bonus and 1/4 royalty for a 3 yr. lease with no option to renew the lease, but it’s not unusual to receive an unfair offer.
When the Oil Co. files for the Pooling for a section they have to tell the Judge what bonus and royalty was paid in the section and the eight sections around the one they are pooling. That is how they come up with the options in the pooling . If the Co. paid you more then it could make the bonus and royalty go up in the sections when they pool them . Third parties who want to take an interest in the drilling of the well don’t care about this as much. You what to limit the deductions like transportation and you want a depth clause. Gas for equip. is not a big deal to me . If you can’t get the terms you want you can wait for the pooling. Where is your interest ?
I think Martha might have posted this before. I know it’s a lot of info to digest but look at the increase from 2003 to 2008 in the woodford shale. It’s incredible! http://www.ogs.ou.edu/pdf/GSLangfordS.pdf Payne county was not even on their radar when this came out. Ron and Martha can probably answer this better than I can, but from my research the woodford shale play in Payne county did not bust loose until around 2011. Most of our sections have only one well drilled in them. Devon Chesapeake and now American energy have pretty much marked there territories which means we are in the infancy of production.
