How can you find out about the prospects of gas or oil deposits located in 17 & 20 listed above?
The only sure-fire way is to drill a well. All other data merely tells you if the right conditions appear to exist, but can’t tell you what the reservoir will produce. Some of the data, like 3D seismic, you can’t get.
Geologists and engineers at the companies that are in the area have a pretty good idea about what they will find. They have the data bases to back them up. They do not share those with the public.
The rest of us have to use other means. When I look at the amount of leasing that has happened in sections 17 and 20 over the last year or so and who was leasing, that encourages me that drilling is possible. BP just sold their acreage in that area to a smaller company which hopefully has the funding to get some drilling going. I am hanging onto my acreage nearby. BP had a pooling order already filed for section 20, so that means they had a well planned.
Ms. Barnes wondering if you (others can chime in,too) can give me your opinion on leasing prices. My current lease is up in about a week. Sec.30 8N 4W in McClain Co OK. I have fielded some mail offers ,but have not reacted to any of them…though I did get a phone call from an interested company and a company that offered a Top Lease. Never contacted that company about the Top lease offer and left open my phone prospect to talk after current lease ends. My question is ,as I’ve seen on this Website…the first offer is probably a low offer. In your experience is there a way to judge what a counter offer should be…a certain percentage above the original offer? As a note , the offers I’m getting through the mail are within a few hundred dollars of each other. I know that the wording of the lease and protective clauses are the most important items for a lease. So assuming I get a company to agree to language, etc…How can I make sure I get a fair lease offer($). Any suggestions would be helpful. Thanks. Rick B.
If you are getting offers within a few hundred dollars, then is probably the going rate. The language of the lease and the Exhibit A is far more important than the bonus. Many of us prefer the higher royalty which will have a lower bonus. You only get the bonus once, but the royalty goes on for the life of production from the first well and any future wells. Much more important to me.
Thanks for input. Another question…in pooling does that ultimate lease deal cover all the issues that a good “Exhibit A” would correct from a typical lease offer?
It does not. In a lease, you can hammer out what you want and balance with what the operator wants. A pooling has the advantage of only being for a limited amount of zone(s) for a very short timeframe within which to drill. Thee are pros and cons to both.
Thanks again for taking the time to answer my questions.
What range of offers are you receiving? I also have minerals rights in 30-8N-4W.
And your kids, grandchildren, great-grandchildren, etc will be bound by what you do. Lease terms are extremely important.
Glen, your acreage is miles away from 7N-2W, so his answer would not be relevant to you.
Sorry, thought I was responding to 30-8-4
It is better for the forum if you keep the posting within the limits of the title are the top. If you want info on your area, start a new topic. See the blue button at the top right.