Julie, When you post your Section, Township and Range possibly someone will be glad to help you. Welcome to Mineral Rights Forum.
Clint Liles
This is my first time to post so bear with me while I get my feet wet. My grandfather was J.J. McClanahan and my dad was Virgil A. McClanahan. I was quite a bit younger than all my cousins up that way and have lost track of kinfolks. Unfortunately, after my dad and mom passed, I have not made the trek back up to the Velma area and I was curious if anyone on here might be kin to me. Since I live in South Texas I am not abreast of whatâs happening as far as drilling is concerned. My siblings and I did receive DO from Stephens and Johnson stating they were taking over the Chevron holdings. I would appreciate it if anyone could enlighten me if any active drilling is taking place in the Velma area right now. I have hopes of being able to discuss with you folks a little more in depth when I get my Section info down pat.
Julie â My family has interest in Section 24 and Section 25 in Township 1S Range 5W. Our biggest checks came from Chevron and now from Stephens and Johnson. This area was one of the first areas with production in Stephens County. I grew up in Duncan and recognize the name McClanahan.
I do not know much about drilling activity there now.
Gulfport bought Vitruvianâs interest in 14 & 23 2N-5W. else Big John 1-14X23H was spud in March in section 11 going south into 14 adn 23. It was probably finished in June so completion reports generally show up four-five months after completion. Keep an eye out on the OCC website. I just checked and no report yet.
U.S. oil prices
Continental Resources (CLR +0.3%) Chairman and CEO Harold Hamm says the U.S. government was far too optimistic with its prediction of more than 1M bbl/day in new U.S. production, which is âdistorting" global crude prices.
The EIAâs projection is "just flat wrongâ and fails to account for the new discipline among U.S. drillers, Hamm tells Bloomberg, saying this yearâs rise is likely to be closer to ~500K bbl/day.
Hamm thinks the governmentâs outlook has contributed to worries about an oversupply that puts U.S. oil at a steep discount to international crude, adding that once the EIAâs âexaggerationâ becomes more clear, prices could rise to $60/bbl from ~$50 now.
Julie, we are not related to McClanahanâs but have heard the name a lot as some were friends and neighbors of my aunts and uncles about 5 or 6 miles north of Healdton. Aunts and uncles with the last name of Melton and Brisco. We lived in Velma for 6 years up until 1980 when we moved to Lindsay and of course the oil field was really booming then at Velma and everywhere around here but has been hotter the last few years than ever before caused by oil going to those all-time highs around $100 a barrel but had the big slowdown when it went back below 50. Now really started to pick up again and the roads are full again of oil field trucks both for drilling and hauling of oil. Found a small article from CR man Harald Hamm this morning and will try to copy and paste it on another post. Best wishes and welcome to the forum!
Kenny, for 2N-5W it depends upon the Section, Township and Range. Good chance to change your lease and get a better one. I never lease until the old one has expired. Sometimes, no one is interested and sometimes I get a better deal. Make sure you have no post production charges on your new lease. No enhanced clause.
Michael,
OCC has 40 new applications and rulings on about 60 in 2017 in 2N 4W. 36 new leases in 2017 About 60 new leases in last quarter of 2016.
Could be, depending upon the company and if the company is in Houston. BPâs office is flooded and others have had quite a bit of disruption due to Harvey. The post office is also behind in this whole area (Houston). We didnât get some mail for a couple of weeks. Keep track of what you are missing as some may have gotten wet if they were in flooded mail trucks and need to be reissued.
Kenny,
That section pooled (Newfield) for $2000 3/16, $1500 1/5 $0 1/4 on July 27, 2015. There were leases for much higher than that during that time frame.
Newfield, BlackFish Energy, Warwick Jupiter, Sooner and Continental are in there leasing this year, so talk to the other guys. Sounds like activity is picking up.
Are payments late this month because of Harvey? Wondering how the hurricane affected things.
Itâs in Section 16-2N-5W
Youâre correct. Newfield was going to drill on the north NE corner of the section last year. They went as far as getting the permit, but cancelled it. My lease is with Continental. Newfield called a day too late. My bad. Cost me about $5K. The price I shot them Monday was way higher than you mentioned. Iâm thinking something is going on for them to want to re-lease 6 months early. They want to pay 1/4 now and 3/4 when lease is up in March.
I personally wouldnât and didnât go for paying part of a lease now and balance when lease is up. Thatâs what they tried on us but didnât work.
LynnâŚwe got our checks on time just the week after Harvey hit Houston. They were from Continental and Newfield.
Could be getting a storm this weekend. When I checked the storm track a few minutes ago my property is actually dead center of the projected path.
Joseph, what are you saying? Is the storm supposed to come across Sections 18 and 19, Township 2 North, Range 5 West? Donât think the storms this weekend are supposed to be severe anyway, are they?
LOL No Linda, I live on the Mississippi Gulf Coast. Just minerals in 18 and 19.
My family signed with Newfield in Sections 18 and 19, Township 2 North, Range 5 West for 1750 and 1/5.
Township 1N-Range 5W is getting very active again. Continental seems hot to trot on that township the last few months. That usually means good offers to follow from third parties as well.