Heard today from a mineral rights owner that there will be a well with the name Virginia going into the Springer zone across section 9 2n4w and will be padded on the edge of section 16.
Crystal- I looked up the sec, tnship,range and didnāt see any current wells. You have to input the info like this: 0601n05w. But that doesnāt mean there arenāt plans down the road.
I am so a very lost ācityā girl. My mother has a Oil and Gas lease, which I somehow managed to get her a good deal on, I think, but now the company has come back saying the want to put another lease, a top lease??, on top of the original. #1 I would love to know the activity that is going on her property, Section 6, Twnship 1N, Range 5W, but canāt find the name of a well, API#, just any info like part of SCOOP, STACK, any kind of info. The data base on Corporation Commission is weird and says it canāt pull up on my description. Any body want to help, completely lost. Thanks!!
Crystal, is the time limit on the good lease about to run out. In a top lease I believe they are wanting to re-lease (lease again) on that which is already leased and because it hasnāt been drilled on yet is about to run out. If when you got the original lease for her you let them put an option to release at the end of the original then you will have to let them exercise that option but if you didnāt you would be free to lease it again to anyone else or them under new terms which you both would have to agree to. Hope thatās not clear as mud. (And I hope I know what Iām talking about. If not Iām sure some on here will correct me please.
Crystal, if you leased it in the last few years it should be on the net under the Stephen County (Mineral) Records. Whatās your momās name that you leased it the last time? I can try to look it up for you.
Linda, let me know when NFX stands up the rig in section 16, 2N4W (Virginia #2). I want to get some photos while it is drilling.
Thanks Linda, the origianal lease runs out 11/2017, still a year away. The company name is Echo Energy, and they are trying to get us on board b4 it runs out next year. The guy I spoke with said they are trying to get as many as possible to re-lease or top lease becuz he said they are looking to get started drilling, starting to set-up?? right after Thanksgiving. All I really understand is they paid my mother for a 3 year lease and now, 2 yrs later, want to pay her the exact same amout (after I told him he was, tried to low-ball us until I called him on it, then tried to act like he didnāt know the final amount they paid per mineral acre) for another 3 years. They do have a paragraph in the lease where it states if someone tries to top-lease us, other than them, we have to give them option to match it, and give them 15 days to respond to it. Does that make sense? Now Iāll jump to another comment you made about the way to input the section, etc., and Iām pretty sure thatās the way I put it in so I think your right that thereās probably no activity there, yet. So hereās another question, is there a map on the internet that I can look @ and see where Section 0601N05W is? Why is this so hard for me to understand/find??
Thanks to all of you that respond to all of the other āJust plan lostā people out here!!
Crystal, look at your first lease and see if you have a top lease clause. It sounds like it. A top lease is a lease that starts the minute the original lease expires. They are negotiated before the first lease expires. The companies love them because they have the acreage tied up. Makes sense to them. Mineral owners donāt always love them because if you negotiate them too far out in front, the amount of the bonus paid ahead of time might be much less than the market rate at the time of the lease expiration. Or it could be lower, or they might decide not to drill, in which case, the mineral owner might have wished he had leased a second time just to have a little cash versus no cash. So pros and cons. I generally do not do them, but everyone can decide for themselves on a case by case basis.
I would suggest that you wait a couple of weeks and see what the pending pooling cases issue as the current bonus/royalty pairs. Then you will know if your offer is even fair in todayās market.
I have some thoughts about his logic and the timing, but letās take that offline. Friend me with the blue icon and we can discuss.
Crystal: We own a mineral interest in section 7 immediately west of your section 6 T01N-R05W in Stephens County. We are kissing-cousin mineral neighbors. Our three year lease ran out in October 2014 and was never drilled so unfortunately it is not Held By Production and it is currently unleased. As you may know, even if you have just a small acerage in a 640 acre section you will usually share in the proceeds of any horizontal well producing from within that section. Section 6 & 7 seem to be on the westen edge of what is called the SCOOP and wells on that edge are mostly good to great natural gas producers with some NGL (Non Gas Liquids) and little crude oil coming out of the ground. There was a flurry of activity in July 2014 when Continental Resources, Inc. proposed to drill a horizontal well they named TBD 1-7H in the SE/4 of section 7 extending laterally for almost a mile along the boundry between section 6 and 7. They offered $2000, $1600, 1000, 0 bonus for 1/8 , 3/16, 1/5, & Ā¼ interest for a three year lease. This was over two years ago and crude and gas prices were low. We opted to wait and see what other offers might be and then see what the forced pooling would yield. You have little risk on waiting for pooling as the township directly NE of your township has over 95 drilled and permitted horizontal wells drilled and mostly producing within the township. They were mostly drilled in the last four years. After the proposal by Continental to drill the test well we received many offers to buy or lease our mineral interest. Almost all leases were for more than the Continental offer. They withdrew their pooling proposal after 30 or so days and never to this date requested new pooling so a well was never drilled. We are not discouraged by this turn of events as this entire area is such a hot and predictable one that it will be fully exploited within a few years and the worlds oil based demand is not likely to slow in that time.
I hope this makes sense to you and helps with your decision.Yes, I think I understand Don and our properties are close to each other! So, thanks neighbor, appreciate all the info and if you hear anything, please let me know. Iāll be checking in regularly! Thanks to all of you with all your oil smarts out there!!
Crystal - I recommend you take M Barnes up on her offer to help. It will be worthwhile for you to be patient. Echo is trying to line out a deal because they are fairly confident a well wonāt get drilled by the time your lease runs out and then itās open season for leasing your interest. You have the advantage over them. If it were me Iād let it expire and see what happens as that will probably drive the best offers for you.
Crystalā¦Huey and M. Barnes both know their stuff and can teach you a lot. Several on here have really helped me a lot over the last few years.
Work has really started to pick up around the ole Lindsay/Marlow/Duncan countryside as far as the oil field goes and I hear itās even better up toward the STACK play than in the SCOOP.
I believe Section 6 and 7 2n5w would be over around the north east side of Lake Fuqua but Iām not certain about that. You are right that it would be in the far western edge of the SCOOP and tends to be more gassy (Natural Gas) than oil or condensate.
I will certainly let you know John if I see any rigs sit up on the north edge of 16 for the Virginia. Havenāt been down that way in a while but tomorrow might be a good day to go cruisein down that direction. Wouldnāt be surprised to see it sit up by now as thatās been about a week since a friend told me it was fixin to start. Weāve been seeing rock trucks today headed north of Lindsay and when we passed some trucks and other equipment the other day Hubby said "looks like they are headed out for a Frack job ( that was going south on highway 76 toward the direction of highway 29 down in the diggings but I donāt know how far they went as we were headed north that day. My detective work hasnāt been as good this year but it may be time to brush up! Since Newfield moved their main office from Tulsa to Houston we may not be able to talk to as many people that know about their work around here but there are still a few of the old timers still around that we know. They are just pretty tight lipped most of the time for fear of their jobs and I donāt want to get anyone in trouble you know.
Thinking their should have the āMarkā well finished in a couple of weeks (as far as the drilling part).
Well, up to my old type 0 tricks in the last post and itās too long to correct them all so please excuse my ignorance. Will try to do better next time but no promises there! lol
Has anyone got an offer from Plainview? If so how much per acre, royalty?
Ted, the offer would be specific to S-T-R, so we need that.
rpt_ITD_Permit Newfield permitted the Virginia 2-9H today in Sect 16, 2N4W. Will turn north through section 9.
Huey and M Barnes are truly a gift to unknowing mineral owners like me; they are the ones getting my grateful thanks tomorrow and every day! And Linda and the rest of you regulars - you get a big chunk of that, too! Thanksgiving blessings to each of you!
Who is Newfield using for leasing on Sec 9?
Leasing was mostly done back in 2012-13. They drilled and completed 6 wells in the Woodford. They started exploration of the Springer last year and this will be the second Springer well.