Smart, Ann! I was going to get $3,000 on mine if some family members hadn’t agreed to 2,750! Linton
Linton, you gave me bargaining info - much appreciated since I’m in Oklahoma!
DCole – handy to know location and whether having road frontage. Later – Buzz
Can any body tell me what are the going lease rates for Pecos East. I’m right by the river on Blk: 4, Tract: 68, AB 1154 BLK 4 Sec 68 H&HNTR. My lease expires next month, January 2015.
Thank you, Wade, and everyone who has provided information for all of us. I am still watching for information about section 183, block 1, where we have 20 nonparticipating mineral acres.
I am afraid current oil price drop is really going to hurt oil production in Reeves County.
I think lease rates will be minimal if at all. riggs will shut down and employees will be laid off probably be years before this shakes out, by then there will be no roughnecks to work the riggs and the equipment will be sold for scrap just like the last oil bust.
the last time this happened I have a friend who bought ten barrel wells from Texaco for the salvage value.
I’m afraid current prices will hurt lease bonuses ~i have a lease expiring in January ~
American energy independence is laying on the sacrificial altar of Russian sanctions, singing its death chant, meanwhile OPEC is dancing around the altar singing (stupid Americans)
Whoa, there. Oil is a commodity and market prices go up and down - always have and always will. Why would we expect OPEC to voluntarily cut production? Are we?
Prior to OPEC, world oil production was regulated by the Texas Railroad Commission. The exporters got tired of politicians in Texas telling them what to do (though not all followed the RRC guidelines) and formed OPEC and set their own rules. Here we are nearly forty years later and it’s starting to look like everybody needs to agree to production quotas for everyone to stay economically viable. I see in six months to two years the policy and business people sitting down and doing what the RRC used to…set a quota, no one goes over and while no one country gets uber-rich off exports…we all get a piece of a very lucrative pie. Or everyone can play chicken until their governments can’t pay the bills and new politicians are voted in, or in the case of the Arab states…families are thrown out of power. We shall see. But our mutual interests, for all oil producing countries, lies in cooperation.
I think the OPEC countries want the US to be dependent on them so we will protect them from the bad guys.
I agree with ya Billy.
I suspect that OPEC is taking money out of Iran, Putin, ISSIS etc. They do not want Iran to develop nuclear weapons. Reagan co opted the Saudies back in the '80’s to break the Soviet Union (tear down that wall…), so they know how to get that done.
able!!
I read the Saudi oil companys worth is 40 trillion dollars,unbelievable!!
John Harris, I have a lease with BHP straddles the Culberson/Reeves county line and is just east of you on CR222 which was extended thru 9/2015. Everything has been quiet from BHP but they initially drilled and shut in a high H2S well in Sec 43, Blk 53
The Texas General Land Office has scheduled their next Sealed Bid Sale for Jan 20, 2015:
http://www.glo.texas.gov/what-we-do/energy-and-minerals/oil_gas/sea…
The preliminary notice shows nineteen (19) parcels in Reeves County. All but four (4) are, generally, within 1-15 miles around Toyah in all directions but mostly NNW, W & SSW:
PSL BLK 70, SEC 61 & 61
PSL BLK 71, SEC 7, 10, 29, 45, 45, & 46
PSL BLK 72, SEC 21, 37 & 43
T&P BLK 58-TWP 6-S, SEC 2, 16 & 32
T&P BLK 58-TWP 7-S, SEC 10
The minimum bid for each of these is $3,000/acre.
With the price of oil <$60/bbl, it will indeed be interesting to see if these minimum bids hold up. Later — Buzz
does anyone know what the deductions from a royalty check for TX_RE and TX_SE are for ???
Your check should identify deductions somewhere on the bottom or back of the detail, but sometimes that is unclear. I am guessing that the TX-SE is severance tax which is 4.6% of gross sales of oil and condensate and 7.5% of gross sales of gas. The TX-RE could be the regulatory fee which is $0.008125 X bbl for oil and $0.000666 X mcf for gas. If you cannot calculate this from the sales and volumes on your check, then you should call royalty owner relations and ask about the charges.