Does anyone know who Santo Petroleum and/or SPC Resources is?
It is an independent started by some of the members of the Yates family.
Is that a good thing?
Santo is undergoing a City sanctioned project to lease as much of the MI under the city of Carlsbad as possible. Currently they have 3000+ leases. The terms are not ideal as they have set a low bonus and a 5 yr term given the size of the effort and are not negotiating to ensure no legal issues but they are well on the way to holding leases on the majority of the interest. For those with MI within the scope of the project it is likely worth exploring a lease in order to avoid becoming surrounded by leased minerals as the project begins. There have been articles in the Current Argus about the project.
In addition to this project, SPC is also taking over operations on a number of wells in Eddy Cnty.
Good to know. Thank you so much for the great info.
Where can I go to follow the progress? At the country or city level? Or should I be patient and wait for something in the mail for the landman?
I would think going direct to Santo for an update would be the most informative. The Current Argus newspaper website may also have articles/information.