M Barnes - good info. Max M Barnes is correct. I checked drilling info for you. That’s how I knew nothing has been drilled yet. You can always lease prior to being forced pooled. However if you have been pooled under Order #201503169 I know that Newfield will still work with you sometimes on leasing. The Pooling Order will tell you who to contact at Newfield.
Told ya…these people know what they are talkin about!
Max I’m a 32+ year landman. I’ve worked in-house for companies, in the field leasing and currently now managing minerals. I don’t mind helping you understand lease terms, drilling, etc. Feel free to message me. I did pull up some records and saw Newfield drilling in Sec 6 but not 8.
Max…stick with the forum and you will find a wealth of knowledge from landman, geologist, attorneys, those good with math and lots of general knowledge of the oil field and I can always tell you the best places to eat…lol
Thank you for all the great advice I appreciate the help and did have another question that I’m sure someone on the site if not everyone is familiar with "springer formation. Good or bad?
Max,
The going rate in Stephens is totally dependent upon the T-S-R an the geology. Vast difference. If you want to share, I can give you an idea.
If you were force pooled before you found out, then most of the time you are stuck with the 1/8th royalty and bonus. Sometimes they will work with you, but don’t count on it. The money is in a special account once the heirship is cleared up. If it is past about three years, it may be at the escheat fund at the state in unclaimed funds.
Depending upon your area, you may not need an attorney. I can walk you through your options, then you can consult with an attorney if you need one at that point. Friend me with the blue icon at the left. The deduction clause is not the only one you need to worry about.
Received division orders for the Hunter wells. 13 and 24 2N 4W
Michael Warden–I got those too. Looked at the Initial Test Data on the Completion Reports. Comparing them to Hunter 1, they look like good wells. Is that what you think?
Hunter oil sales in Feb, Mar and Apr
The wells in the Springer down around there have been really good.
If you were force pooled prior to finding out the mineral rights existed and prior to updating the heirship affadavit do you lose all rights to bonus and royalty once ownership affadavit is updated?
Does anyone know a good / reasonable oil and gas attorney in this area that i could contact concerning the lease agreement that we want to negotiate. It currently has a deduction clause which I hear needs to go and only $500 per acre which I am being told is way to low for this area.
Section 08 township 02N range 05W
Those Hunter wells are pretty close to our spots…come on down to section 34 2n4w for the “In My Dreams” well!!!
What would you say is the average per mineral acre Stephens county? Going to contact Naro monday to what they have to say. According to the info i’ve seen so far they can provide info on average bonus and royalty %'s that area.
Not a landman, but have 30+ years as a certified geologist with a major oil company and am a Certified Minerals Manager through NARO. Our family has been in the Biz for about a 100 years, so lots of osmosis. I am a new member of AAPL (American Association of Petroleum Landmen), but brand new there. Always trying to take new courses and learn new things.
Nancy,
Below is the link to the OCC website.
Form# 300R
Purchaser# 20944 (This is good for oil purchased by Newfield)
M Barnes very interested to hear what you can tell me about the area I outlined below and the other clauses you said I should avoid. To the point we have to make a decision on the Lowry offer so would appreciate any insight you could provide
M Barnes, you are very knowledgeable in the area of oil and gas. Just curious are you a landman?
Soonerpe, the links to the production of the new Hunter wells were helpful. How do I get to the site with the info without your links? Or can I?