my lease of 3 years and 2 year option is about to expire. 2 years ago I was being courted by numerous land men, but now that it is time no responses. Can anyone explain? Thanking you in advance don
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. 2 years ago I had offers for up to $4000 an acre for 3 years. I was shocked that continental didn’t try to release.
Does S 29 4N 6W fall in that same category? My lease is up in June.
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.
MsBarnes 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 see 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.