My family leased our mineral rights in 17-10N-9W to Blue Ribbon earlier this year. Recently some of us received an offer to buy our rights at $3000/acre. We are hoping this is an indication of increased activity in the area. More eminent possibility of a well?? Anyone have any updated information?
Would appreciate it!
Susan
Cimarex has applied to the State Corporation Commission for approval to drill a multi-unit horizontal well in Section 1, Township 10N, Range 9W and Section 36, Township 11N, Range 9W.
It’s a Woodford shale common source horizontal well. 50% of the completion interval in Section 1, 50% in Section 36. I and other family members have 3-year leases with Cimarex that expire in November. Section 1 has drilling/spacing orders in place, Order no. 172284 and 558021. Section 36 has drilling/spacing orders, order no. 138217 and 560848.
The drilling will run from the S/W 1/4 of Section 1, north through Section 36, it will parallel Section 2 and Section 35. The drilling will start on the S/W 1/4 of Section 1, which is where we have rights.
This area seems to be getting busy. Mapping shows this location has multi potential and layered within the SCOOP and Cana Woodford plays and includes the Mississippi Lime Common Source, the Hunton Common Source Supply and Woodford Shale Common Source Supply. This drill is proposed for the Woodford Shale Common Source.
Anyone have any other info or thoughts?
Lease prices in that section have reached the amount you were offered to sell. That suggests the market value for sale must be far “North” of $3000 per net mineral acre.
My brothers and I have Section 17 Township 6N Range 11W and we have a liquid producing gas well since 2007.
Thanks for the input! Seems to be a lot of “chatter” in the area. Our lease is fairly new and sure wouldn’t consider selling at this point but was curious about the activity. Been years since we’ve had this much interest.
Sorry for showing my absolute ignorance here, but do the sections represent areas on the Township maps? We inherited these mineral rights from our parents and have had very little participation in this process until this year. Trying to get a basic understanding of what.
Property is by… Section, Township and Range. Three sets of numbers. A Section is a defined part of a defined Section and Range area. In my case my mineral/oil rights at “under” Section 1- Township 10N-Range 9W.
If I looked at a Township map of Caddo County, I would line up the 10N and the 9W with the Section 17?
Yes.
Thanks Cindy. I appreciate the response!
Just read your message regarding any new offers……no so far.