Roosevelt County, NM oil & gas discussion group. Share your experience regarding lease bonus, royalty rates, drilling activity, and oil & gas news.
what are you seeing out there
I've had an offer for $50 per acre and 3/16 around Elida, NM. Anyone else drawing interest?
lynn ask around the cofee shops see what else is in your area if you have time go to the cort house and run the grantee grantor records with the names of those that offered your lease that will tell you what is around you.
try and push for more money it sounds like yates is making you the low ball offer
They have just upped it to $75 per acre and 1/5 for three years and a two-year option in NW/4 of Section 18, T-4S, R-32-E. I don't live in that part of the country so blind as to what is happening out there.
The 1/5th for a 3 & 2 is better than average and if it were me, I certainly wouldn't turn that down. When it comes to the lease bonus though, I'd try to see if I could get more money. If they offered $50, I doubt that there is much more than $125/NMA to put on the table at this point, but I could be wrong. Competition for acreage increases the bonus amounts, and $50 is the general starting point for all leases these days. If you have two or more serious competitors already in the area, that number starts increasing pretty rapidly. No matter who makes the offer, when it comes to how much the bonus is worth, a lot depends on whether or not the E&Ps are drilling locally, whether or not your acreage is part of a unit already formed, and/or if anyone has already drilled, what the average production rates have been. In a resource play, it also matters where your lands are located in relationship to what their geologists are telling them is the sweet spot.
Try to remember that the bonus money should be secondary in your negotiations unless you don't think there's any oil under your lands. The reason is simple math: If a producing well is drilled, the difference between a 1/8th royalty and a 1/5th royalty is enormous in terms of monies received and, in the long run, most often far outweighs what you may have left on the table with the lease bonus.
Check with your surrounding neighbors and see what they can tell you. Have they been contacted by more than one agent? If so, what were the bids and counteroffers? If not, what did your neighbors accept for a bonus? You may get an exaggerated claim, but by and large, you can winnow the wheat from the chaff and get a pretty good average of what's going on in the area.
thomas you are right on he needs to work it a little he should know he is the only one that can make the final call to take the money it is a heck of a card game.
I told them I'd take $125/acre for 1/5 or $100 for 1/4 with a shut-in clause and bottom-hole clause. That is for three years with a two-year option. They didn't flinch so we'll see where it goes.
Good luck!!! Let us know how it turns out.
I have herd of other action around him I will try today to see what I can verify and get back tonight.
i have not had any luck I have a geo I need to get in contact with sorry
Not for sure what counties this might affect but stumbled on this piece of information,
Is there a website that allows you to search the records for Mineral Deeds/leases/etc in Roosevelt county?
Has anyone found a map of Roos. county posted on the internet that illustrates oil activity by legal description? I have no knowledge of the county but do own a small mineral right there. Tks. andy
Has anyone heard any buzz in the New Mexico area (Roosevelt) for leases? Just wondering. I have a couple of leases in Texas, and I've often wondered about New Mexico.
Any idea what minerals in T1S, R31E, Sections 2, 3, 10 might be worth to lease or sell?
Shelley, my family has land in Roosevelt, is there some activity out there? If so PLEASE let me know, I live in Fl so it is very hard to find out anything. here is my e-mail firstname.lastname@example.org
We just discovered our families have mineral rights in the area. Where can I go to see the list of Mineral owners in
section 10 Township 5S Range 33E
Hello. I have mineral rights ownership in Roosevelt County in New Mexico. Lot 4 SE 1/4 of SW 1/4 and SE 1/4 of section 19 township S Range 37 East 2. 245 acres. This is close to Texas state line. Possibly close the Permian Basin. Does anyone know if any activity going on around here?