Katherine, I do hold out to get the 1/4th, but don’t have minerals in your area.
Has anyone else had their AEW lease offers withdrawn?
Jessica, where are you located? Please don’t get discouraged if they rescind. I promise they will be back. We are just in a waitng game until we figure out this oil glut.
M.D., you are so right. Don’t worry folks. The USA has made long term 30 year contracts with China and other developing countries to export to them our light oil which comes from our shale formations. These non- developed countries absolutely must have light oil, because they do not have oil refineries to refine heavy oil.
M.D., we are in S22-T19-R2E. A month ago, we were told this section was “high priority”, but now they have rescinded.
Jessica brings up a good point: do you veterans feel that all Payne Co. interests are going to become more attractive to buyers regardless of location and whether they are currently producing or not?
You make a very persuasive argument Martha - if I were a younger man I wouldn’t even worry about the mineral ups and downs but I’m still in shock from ‘letting it ride’ thru the stock market disaster. Thank you for the in-depth research & links.
Steve, The huge exportation of natural gas liquids (NGL’s) has just barely begun. The US is the only country in the world that will be able to export light oil (NGL’s) and import heavy oil as fast as we can pump it and refine it while supplying natural gas for the renewal of our manufacturing industry and liquid natural gas (LPG) for our transportation industry. It is an enormous undertaking, but we are doing it. Right now, the low oil and gas prices are hammering Russia and Iran and weeding out the US companies that are not efficient enough to get the job done.
There are many good articles on this website. https://rbnenergy.com/stop-in-the-name-of-opec-why-u.s.-shale-crude…
Martha it’s wonderful to have you and the other experts in the forum who take us beyond the newspapers and television viewpoints - thank you for that!
Oil futures are hedged at $80 for the next 5 yrs and…"At Devon Energy Corp, the effect of tumbling prices “may not be nearly as large as you think” because of hedging, said Dave Hager, Devon’s chief operating officer, at the CapitalOne Energy Conference on Wednesday. “We’re in outstanding shape as a company.” http://bakken.com/news/id/227638/analysis-oil-price-slump-sorts-hed… Today, Chevron announced a new oil find in the Gulf of Mexico and stated they will drill the new deep water play in 2015. Deep water drilling costs more to drill than our shale formations. I’m watching the money managers buying Chevron stock right now. They manipulate the news, the markets fall and they buy. Simple as that.
Folks, hang onto your minerals. “Dec. 30, 2014, The US Bureau of Industry and Security listed six considerations it will use to help determine whether US-produced crude oil condensate is a petroleum product eligible for export.” http://www.bis.doc.gov/index.php/policy-guidance/faqs Here’s the reason the BIS is redefining what is ‘Condensate’. “Under The Code of Federal Regulations Title 15 Part 754.2(a), lease condensate that has been processed through a crude oil distillation tower is not crude oil but a petroleum product. Petroleum products are subject to few export restrictions.”
Remember, our Oklahoma light oil, if put through a distillation tower, will be considered "CONDENSATE’ and it will be exported. The new condensate export rules are being created right now, so have faith and patience. http://www.gpo.gov/fdsys/pkg/CFR-2012-title15-vol2/pdf/CFR-2012-tit…
I regularly ck the Pun details on sec 28, T20N, R2E and the natural gas productions is steadily increasing while the oil production is going down is that normal?
Sandra, I guessing the possibility of a new Liquid Natural Gas (LNG)export law is the reason you are seeing an increase in natural gas.
http://www.ogj.com/articles/2015/01/barrasso-heinrich-introduce-bil…
If you have minerals adjoining Stillwater, you might want to contact the Stillwater city commissioners. They are being asked by one of the anti-fracking groups to ban production on agricultural lands adjacent to the town. They have said they’ve received no opposition to this request.
Thanks Martha-interesting articles make sense.
Here is a link to the story about the Stillwater planning commission’s plans to ban drilling in the city limits. Is there a way to stop this? We don’t live in Stillwater, but we have mineral interests there on the southwest side. http://www.stwnewspress.com/news/planning-commission-approves-drill…
Jessica, Go Fast is right, you may need to file your own complaint against the anti-fracking ban for being denied your individual rights. Robert Sheets, a land-use and natural resources attorney at the Phillips Murrah law firm in Oklahoma City says the justification for an outright ban would have to be steep and defendable in court, especially if royalty owners argue that fracking is necessary to produce their oil and gas property. https://stateimpact.npr.org/oklahoma/2014/11/13/what-oklahoma-can-l…
Thank you Martha! Our section was in the process of being leased by AEW until last week when they changed their mind. We hate the thought of never seeing anything done there because of other people’s ideas about the industry.
Thanks, Martha for the attorney names. Hopefully we can get this settled soon… Melinda, AE has been working through deeds settling all the acreages, but sure seemed like they made it much harder than it was…Then, they said they couldn’t find heirs (my sisters and myself) and as OK law says, we were to take the lower percentage of Royalty. Well, they really did not do “due dilligence” in looking for us, because all they had to do was ask the Land owners who we were. We only have 1/2 mineral rights…father sold land and half rights many years ago. But it was to a couple I went to school with and they knew my name and where my x husband lived. All they had to do was ASK them. By the way, in Texas and some other states, if the heirs cannot be found the oil companies have to give them the higher percentage of Royalty…that gives them more incentive to find the owners. Anyway, I think we are about to come to a middle of the road agreement after about a Year of “discussions”…