Questions about drilling or oil & gas leasing

Does anyone know anything about these sections? Sections 20, 29 and 32. All 6N6W. Appreciate your time.

Could you please me more specific about your questions. Do you want to know about leasing, production or what else? At the moment, your question is too generic and our answers may not be targeted or helpful.

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CONTINENTAL RESOURCES INC Horizontal Woodford Wells in 32 and to the north of 20 and 29.

Continental applied for and was given a Permit to Drill the LEONA FAYE 2-20-29-32XHS

Edit: Continental now has permits for 2 wells covering those sections.

Looks like they are getting ready… there was a small rig there a couple of days ago, but it is gone now.

Edit: Location for the LEONA FAYE 1-20-29-32XHS… the LEONA FAYE 2-20-29-32XHS will be further east.

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Not sure what is going on now… location is empty of all equipment.

Have any idea what price minerals are priced at for sale/nma for this well?

The number of acres being bought and sold are not easily identified. You have to go back a few years to find any significant sale amounts (Sections 20, 29, 32-6N-6W)… $100,000 plus. Some nearby minerals (few miles NW of Section 20-6N-6W) sold for $12,000/acre back in the summer.

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Could you clarify your comment about Section 20, 29,32 6N-6W. $100,000 plus? Are you saying $100,000 pnma???

The documentary stamps reflect a sales price of $100k. No idea how many acres.

I thought that was too good to be true…Would you entertain $15k nma for Section 19-6-n-6w?

I read on this forum you could take the doc stamp, divided by 1.5 x 1,000 to determine the total sale transaction. With that number, divide by number of acres. Is that correct?

I did this calculation, knowing the acreage sold and it was spot on.

So, if you are saying there is doc fee at $100,000, that is quite a large nma…

Equipment back on location… 3 mobile home trailers, crane and other equipment.

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Small rig for drill surface and sitting surface pipe… probably.

NOTIFICATION OF WELL SPUD filed yesterday has February 16, 2023 date for the LEONA FAYE 1-20-29-32XHS. A little bit of a delay before the big rig shows up.

Hope this gets the ball rolling on Continental’s applications next door in Sections 19, 18 and 7-6N-6W.

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Thanks for the info. I appreciate you keeping track

Could anyone clarify, the amount of doc stamp, divided by 1.5 X 1,000 determines total sale? So if doc stamp is $100,000, total sale would be 6666666. Assuming the number of acres is 50, the total sale 6666666 divided by 50 acres to achieve price pnma. 1,333,333???

Your calculations are correct. If you are trying to establish a “value”, remember the lease royalty is important. All minerals are not created equal.

How would you calculate the lease royalty of 3/16 into this example.

Theoretically, if all other things are equal, minerals on a 3/16ths are 50% more valuable than those leased on a 1/8th. But value is all subjective.