Hello, I am new to this and have very small NMA's in Sec. 75, Blk. 4 - Triangle 75 and in Sec. 72, Blk. 4. We were offered $7,000 per acre. Is this the going rate and is there a lot of activity in these areas? Thank you!
After checking the GIS Map I see where Rosetta Resources has 2 new approved permits as of April 2017 to drill in Section 72/Block 4(389-35705 & 35746)/13,000' Wolfbone Formation Wells)
Even though I don't know what percentage of minerals you own and how many NMA you own at this time I wouldn't sell for $7,000 per acre. BE PATIENT
GIS Map of Reeves County Sections 72 & 75/Block 4/A-1342 & A-418 and surrounding area:
CLICK ON MAP TO ENLARGE
Thank you so much Clint. Please forgive my error, I should have indicated the $7,000 per acre was for a lease. Many thanks, Patty
Not a problem......glad your keeping your minerals and leasing.....
This link is to Production Data on a well approx. 1 1/2 miles to the north of Section 75:
I like the $7,000 number. These are oil and gas combination wells so make sure your lease states there will be no post production costs or deductions from your royalty checks for processing, gathering, treating, compressing, dehydrating, transporting and marketing or otherwise making such gas or other substances ready for sale.
I am a Reeves County minerals owner and have been reading this site for several years. I would like to recommend that you consider getting professional advice. Wade Caldwell, a Pro member on this site helped me negotiate and tweaked my oil and gas lease with outstanding results. There is lots of details that can make a big difference. Wade knows Reeves County and can likely make a huge difference to you.
Here is a link you may find useful.
PS: I see Clint Liles replied to your post also. He is a wealth of information and always helpful to folks posting on the site. You came to the right spot.
Patricia, if you don't mind me asking, who is the offer from?
Patricia, I agree with Mr Williams suggestion to contact Attorney Wade Caldwell. Clint Liles …sent from my smarter than I am Motorola Smart Phone
Four wells have just been permitted in Section 72, Block 4, H&GN, Reeves. Rosetta is currently drilling first of two Laura Wilder wells in S/2 of Section 72. On April 24, PDC Permian filed permits for two Buzzard wells in N/2 of Section 72. Arris drilled the Triangle 25 well in Section 75 which was completed in July 2016 and which is now operated by PDC Permian. So there will be more drilling in that section. Are you in pay for the Triangle well? If not, you will have money in suspense. You need to make sure that your lease terms are good and the royalty is 1/4. You must be under lease in Section 75 as you know about the Triangle well and should be in pay. Otherwise, you will have royalties in suspense. If you have already signed a lease in either or both sections, make sure that this is really a lease and not a sale.
That is wonderful to know, thank you so much! Patty
Thank you very much!