Phyllis Tims - you said you signed a lease 60 days ago. when you signed it, did you give it them without recieving payment or do you still have the signed lease in your possession? I hope you still have it because unscrupulous land men will go and file it and then never pay you. it’s like giving your car keys to someone and leaving the signed title in the glove box.
Hector, Pipeline or truck traffic? Either way, it would be an easement of some kind. Look at the UT Lands damage schedule as a guide, but it really depends on the particulars.
GLO Sealed Bid Sales Results http://www.glo.texas.gov/what-we-do/energy-and-minerals/oil_gas/sea… Later – Buzz
Thanks Buzz. I was going be looking for that. Great information!
Morning all.
I’d like to know if anyone has been approached in PSL 70 as to leasing. I just got an Operator up to $3250/acre to lease for 3+2, 1/4 royalty. any better offers out there and by whom?
thanks
Wade – in the July 1st Sealed Bid Sale (see results link below) there were two PSL BLK 70 tracts, SEC 8 (A-4157) and SEC 9 (A-2194).
The winning bidder of SEC 8 – a 160 acre trace – was Cimarex Energy Co. with a winning bid of $4,750.00 per acre. A second bidder, Divine Resources, LLC bid $3,627.00/ac.
The winning bidder of SEC 9 – a 640 acre trace – was Divine Resources, LLC with a winning bid of $3,991.00 per acre. Divine was the single bidder.
Later – Buzz
I am about to sign lease with Cimarex for Section 8, block 72 and section 46 block 55 at $3250/acre
Based on July 1 Sealed bid sale, do you think that this bonus per acre is too low.
Thanks to everyone for the wealth of knowledge to rookie mineral owners such as myself!!!
Wade, we (PSL Blck 70, Tract 3, 390 nma) signed with Cimarex in March for $3000/acre, 25%.
Colin – we should consider both in evaluation the Cimarex offer. Assigning $1,000/ac to the BLK 55 piece, taking 60% of $4,750 + 40% of $1,000 yields $3,250… probably a fair offer for both. Can you separate into two leases? Later – Buzz
wow. thank you buzz!
Colin – read my post below. Later – Buzz
Yes I can but requested both in same to simplify. Thanks for all the info!!!
Hello All, I posted this under Investment discussions. Hope it is beneficial:
http://www.mineralrightsforum.com/forum/topics/handling-windfalls-e…
Colin – how many acres in each? Later – Buzz
We have 30 acres in sec 72 and 20 acres in section 46. When you refer me to above posts does that mean we should be closer to the amounts received in glo sealed bid…ie $4750? Thanks again!!
Mike – kind of you to do that! Thanks – Later – Buzz
Wade Meeker, Energen finally came through with bonus payment. so every thing seems to be on the up and up. The check didn’t bounce LOL
Thanks Wade Caldwell for your guidance! Happy 4th.
Can anybody explain why a gas well that was producing would be a shut in well now? I just noticed our well 38933564 is now a shut in well on the RRC.
George, Many possible reasons, but you need to look at your lease and see if and how long they can shut in your well. Low production, work on upstream lines or gas plants, well problems, low prices, just to name a few reasons. There are a lot of bad lease forms out there. Many Producers 88 forms often allow them to shut your well in indefinitely and pay a dollar per acre per year and keep the lease.