Any lease offers for this or section 14 5N 10E. Been receiving copies of letters from State of Oklahoma Corporation Commission about multiunit horizontal well drilling being approved. I have been told to lease because they will pool it. Don't know, this is all new to me!
You cannot lease 14 since you already have wells there. There are two more being planned.
Newfield is planning to drill in 23 & 14.
Silver Creek pooled in s 4 for $300 3/16, $100 1/5th. That gives a general ball park idea. The sections closer to you that might be more relevant are pending poolings now. Pooling is not bad. Sometimes I lease, sometimes I pool. If you lease, you need to made amendments to the first pass option that they give you. It is all in the operator favor.
Thank you for this information! We just received lease offers on Sec 23 5N 10E the highest being $700 1/5th. What is this first pass option you speak of. This is all new to us. Also with 14 what will happen with these new wells you spoke of. Any kind of payment or will it be the 3/16. I appreciate all the information.
$700 1/5 is more in the ball park for that area. On 14 you will get the royalty that you already get for the first wells. on 23, you need to get the best lease clauses that you can. Friend me with the blue icon next to my name and I can walk you through what you need to ask for.
Thank you so much for helping me with this! So glad I found this forum with nice people willing to help! I sent you a friend request.