Township 7, North Range 66 West 6th PM
Section 1 Lots 3, 4, S1/2NW1/4
We've received notification that various rights such as ours are being pooled via State of Colorado.
What does this mean? Pending activity??? Getting tons of offers, anyone know what's happening if anything?
appreciate the info - thanks all
Dear Ms. Knudson,
What that means is that an oil company has acquired an interest in Section 7 and that they want to drill a well and your acreage is unleased. In Colorado, and many of the other states, an Operator is able to force someone to lease their property to protect correlative rights. The State will tell you what terms you must accept. Generally, you get four choices.
Here is a decent article that explains the process in Colorado:
http://www.niobraranews.net/wp-content/uploads/2011/11/What-is-Forced-Pooling.pdf
The part that irks me is that I just do not like the concept of being forced into doing anything. There is a proposed bill in the Colorado legislature that softens the Forced Pooling Statute a little bit, but not much.
Best,
Buddy Cotten