My lease of 3 years and 2-year option is about to expire. Two years ago, I was being courted by numerous landmen, but now that it is time, no responses. Can anyone explain? Thanking you in advance.
Your sections are in the very deep gas of the Woodford and not in the preferred drilling area of that township.
Thank you so much for your feedback. Not exactly what I wanted to hear. Two years ago I had offers for up to $4,000 an acre for three years. I was shocked that Continental didn’t try to release.
Martha,
Does Section 29, Township 4 North, Range 6 West fall in that same category? My lease is up in June.
j
Yes, you are also in the deep gas area. Not saying it won’t get drilled someday, but probably not at current gas prices.
I would like to contact you if you have interest in a one-time consult.
Ms Barnes, thank you for your time. All of a sudden my minerals were not wanted by all but one. An offer to buy for what I was leasing a few years ago. I understand I am in a deep gas and on the edge of oil but not on it. I was hoping to release but no offers. At 75 I’m considering selling but at a disadvantage of knowledge as to value. 31-32 4N 6W. Thank you.
I do not do appraisals. You can get a certified petroleum engineer to do that for you for a reasonable fee. If you have heirs, you might want to consider hanging on and passing the possible step up value to them or a charity. If they choose to sell, their capital gain tax may be lower than if you sell now because your basis is probably very low. If you chose to sell, get at least three offers if possible. Gas prices are low right now, so your value is “less” in a $2.25 environment than a $4.00 environment.
I have NE/4 of Section 29-T8N-R8W… Is that in the deep gas Woodford as well?
On the edge of gassy Woodford. You are more in the Hoxbar and Marchand area.
NE Verden Unit 29-8N-8W.pdf (903.8 KB) I picked up this interest (pdf summary) about 16 years ago as part of a package. Dug up the paperwork when I started receiving recent inquiries to purchase, but nothing specific yet. Yes, I see now “Marchand.” In 2003 I was attracted to this because of old cumulative production numbers (9.4M bbls, 4M mcf) and hoped technology and pricing, etc., would play catch-up. Kind of a newbie… how do I find activity around and nearby? I pulled down the Grady map that you posted for someone else (thank you). Thoughts appreciated.
Nearby activity is in sections 24, 25, 30, 35, 36. If anything is in your section, they will notify you with OCC letters. If your name and address are correctly on file in the Grady Courthouse.