McClain county has gotten a lot better. 20 years ago you were lucky just to get a lease. I was a lot less careful about the clauses etc. Hardly ever, would anything get drilled. It is completely different now. You have to be very careful on the clauses or you will screw yourself ! Charter Oak will at least allow some basic decent clauses. Some of the other smaller ones, (I will leave unnamed) are trying to get you to sign bad leases to give themselves huge potential if a bigger player moves in. I declined on leasing recently, a fly by night outfit was not allowing the depth clause. They wanted to modify it to make it useless. I am not sure you are not better off just getting force pooled than leasing nowadays.
I saw this completion today.
McClain: BP America Production Co.; Rockwood 6N 1W 31 No. 1HX Well; NW1/4 SE1/4 NE1/4 SE1/4 (BHL) of 06-05N-01W; 180 barrels oil per day, 115 cu-ft gas per day; TD 15,104.
When you see these BOPD number in the paper, are they typically dressed down ?
Not in my opinion. The production will go somewhere to be processed and paid for so I don’t think there are very many good reasons to fudge numbers in the papers.
Perhaps others will differ. Cal
Just remember that the completion numbers are just a one time test usually very early in the production life while frac water may still be in the process of flowing back. The next full month is probably a better indicator.
Hi Ms Barnes, You are the best source for valid information almost anywhere I have looked. Therefore guidance please.
I have minerals in the south half of 33-6n-1w and they will be coming up for lease in May of this year. As you know BP has drilled many wells in the area. Do you have any advice about my minerals as leasing or re-leasing approaches? Thank you. Cal Hobson
BP has a whole bunch of acreage in that area that they bought or leased. I am not sure they will get to it all in time. At this point, I do not see any recent filings for 33 that indicate a new well in the next few weeks.
Basically, you have to wait for the lease to expire and then see if BP leases again or if there are other leasing agents working the area. I see RedSky leasing in 29 and 32 and 30 in 2019. I think they might be leasing for BP. Maybe someone can comment on that. I did see that BP pooled 32 in December at $750 3/16. The pooling mentioned that the well had already started drilling.
I am waiting for them to get to 8 6N 1W and 16 6N 1W so I know the feeling! It may take a couple years. I don’t know how many rigs they have. But they if they get tied up for 6 months or more per well they can only drill no more than 2 per year. Would like to see higher oil prices.
BP can certainly drill more than two wells per rig in our area. 30-45 drilling time is not exceptional but doesn’t include completion, connections, etc. And oil prices are recovering, up 40% over the last several months after OPEC reduced production…so we will see.