John, Possibly. There are plenty of old patents that have inaccurate acreage due to poor surveying or antiquated methods. Unless your lease specifically says you have to be paid royalties based on patented acreage instead of actual, they can reduce the acres you are being paid on to reflect the resurvey. Since most modern surveying is done by using GPS, if the can find the survey markers for the four corners of the survey, it is likely not wrong. If you have a river frontage tract, different story, as there are many inaccuracies in these.
Wade ~ thanks, I was afraid of that. The surveyor told us that there was a problem with the boundary between blk 57 and blk C21, about a mile south of us that may be the problem. we are going to have an on the ground survey done to see if he can find the markers. he was able to find them for our neighbor, so he already has two on the boundary between sec 2, and ours in sec 3
we shall see~ thanks again
Hector – I signed a lease 6 months ago for $2500 pma with a 25% royalty on a tract about 6 miles to the west of you. Oil prices have fallen since then. Nevertheless, your area could be more or less productive than ours.
I hope I can get some guidance on this ~ My family has 80 acres which is leased - last year we agreed to a pooling agreement which covered the western most 38.5 acres - now this year we agreed to pooling of the eastern most 40 acres ~ leaving 1.5 acres orphaned ~ when I contacted the oil co they said that the surveyor says the section we are in is only 630 acres and our trac is only 78.5 acres (Bk C-21 PSL sec 3).
Are we screwed ??? we are planning on getting our own on ground survey ( theirs was a gps survey that has been wrong in the past)
Also What is the point of paying extra for a patent ?
I received an offer of $1500 nma , 25% royalty in block C-8, section 26. Abstract 3323. Is this a competitive rate for this area at this time?
Thanks M A Smith any info is a wealth of info. Happy New Year!
Hey, Donny, congratulations. Mine is still unleased. Hope you’ll tell whoever is offering you about me. Happy New Year’s to you and the wife! Linton
FYI, I was just offered $8K in Sect 54/4 just to your east.
I said NO, thank you.
Yes, drilling rigs. Not workover rigs
A workover rig also refered to as a pulling unit is used in completions of a wellbore. It is also used to rework( workover) an existing well that a drilling rig has already drilled. The rigs are small in size and mounted on a truck. They are used to complete a well and are also brought in to rework old wells where casing has collapsed. They are much cheaper to operate than a drilling rig. They can also be used to rework an old well where production has declined. To answer your question these workover rigs are on the production/completions side of things. Therefore they are not counted on rig count reports.
I would say that there are fewer workover rigs than drilling rigs. However I can’t be 100 percent sure.
Yeah I’ll take the 4 dollars a gallon at the pump any day.
Buzz, are these producing rigs, or does it include those in progress?
Thanks for the info Stephen . What drilling’s going on and What’s the production out there? Did you decide not to tie yourself up with the lease?
June,
Link to Completion Report for Horizontal gas well(389-32885) in A-1658 to the S/E of your A-4077:
http://webapps.rrc.state.tx.us/CMPL/viewPdfReportFormAction.do?meth…
Clint Liles
Buzz,
Just so I can make sure I am on the same page, this rig count is showing the total number of Reeves rigs in operation now. Yes?
Will
There are about 200 drilling rigs active at the moment in the Permian Basin. There are about twice as many workover rigs active. Workover rigs to be quite small and there are many more of them the big drilling rigs
Please pardon my auto-correct.
That sounds about right. But when the price of oil goes back up I would say that it would flip flop
Highest the Reeves rig count has been in some time:
RigData - w/e 1/15/2016
Anadarko
4
Apache
1
Arris Operating
2
BHP Billiton
1
BTA Oil Prod.
1
Carrizo
1
Centennial Res.
1
Cimerex Eng.
1
COG Operating
2
Devon Energy
1
Endurance Res.
2
EXL Petroleum
1
Oxy USA
3
Panther Exp.
1
Patriot Resources
1
Resolute Nat. Res.
1
Rosetta Resources
1
Silverback Res.
1
J. Cleo Thompson
2
28
Later – Buzz