I have received a documented offer from Baseline Minerals of $20,229.93 for 3 acres in the above location. It has been my policy not to sell minerals, but I do not know what is happening currently in Garvin County. Can anyone tell me if there are wells planned in this area and also if anyone is also getting offers for their minerals there? Thank you.
Carolyn, for what it’s worth. A few months ago I received an offer of $4,000 an acre (3/16th) for minerals in Sec. 28, 4N-3W from Raintree Energy and an offer of $6,000 an acre from Dakota Land, both out of Okla. City. With Rimrock and Triad still fighting over who will drill the wells, I haven’t seen any more offers.
A few months ago Casillas finished a well across section 29 4n 3w. I believe it to be a really good well because they set 5 large tanks. I have heard there are plans to drill on sec. 33 (I believe) and as Paul said there are plans to drill from section 29 going north across two sections but it hasn’t started yet. Didn’t see any rigs around those sections today when we drove out that way but they have put a new pipe line across 29 and 32 and on down south.
For what it’s worth I received I met a letter in the mail today offering a lease for $900 an acre mineral rights from redsky section 33 01 North 01 East. Is this a decent proposal question mark can anyone tell me thank you.
Carolyn, You already have production from the Vermillion well which has been active since 2017. You have a well Corona 1-31-30 MXH about to send out Division Orders. It has been on sales since 1-28-19. I had a phone call yesterday offering $10,000 per acre @ 3/16ths for section 30 telling how “old that acreage” was and I wouldn’t get near that offer from anyone else. Since I was twice his age and the minerals have been in the family for almost 90 years, guess it is “old”. Anyway, no way would I sell minerals when I am about to get paid on the new well. The placement of the well indicates plans for future wells. Section 1 and 12 catty corner to the SW has 18 wells planned for it. SO, not a good time to sell in my opinion…
Better to start a new topic when you have a different township and range and section. If you will repost, it keeps the threads separate.
Thank you so much for your reply; it is very helpful. I am not at all experienced in the oil business and I am dealing with minerals my father left me way back in 1954. I follow your comments on the Forum and it is clear that you are very familiar with the subjects.
Thanks for your helpful reply.
Thank you for your reply.
Thanks to all of you for your replies which help to make me more familiar with current events.
How do you determine the date of first sales?
It is usually listed on the completion report. If it is not there, then hopefully, the Division Order has it at the top right corner. If not there, then I usually go to the OK tax site and look up the “active” date. So far, that date has matched all my “first sales” that I had on a completion report.
Thanks! Sometimes the completion report is not posted for months but I did find the “active date” on the OK tax site.
I’ve received offers this past week for our minerals. Ranging from $4250-$4500 per mineral acre at 1/8th interest. Every time I told the competing offers we were getting higher offers each would up the price without question. Leads me to believe some activity is known coming down the pipe for this Section. I have minerals in that exact STR so keep me in the loop and if I hear anything else I will reach out. Thanks!
If you are in 30-4N-3W. it is about to have another well in pay status and the large number of wells in the surrounding sections is why you are getting the offers.
Your knowledge of the area is so appreciated! Please continue to educate those of us who are novices in negotiations about minerals and property. Thanks!
Let’s think on this. Based upon some of the bonus offerings below and such, that offer seems low. Additionally, they are not offering to buy this so that they may break even on their purchase/ROI. They expect to make a profit.
If you are just strapped for cash, at least start any negotiations at 3 or 4 times that amount and actually haggle them down to your lowest acceptable price.
You have not sold in the past because your intuition said keep your minerals. I think that may be your best course of action, but I think that is ALWAYS your best course of action. Otherwise, for the price offered, you could sell a tiny piece of your ownership, but not all.
I wish you the best of luck and a positive outcome, in this situation.