Joe,
It was Mr. Sturgeon with Warwick-Minerva, LLC (“Warwick”). They contacted me near the end of the original lease with the offer of $3,600.00 for 3/16. I reviewed it and figured it was OK. Maybe I could have asked for more but that was more than I got for a different lease back when all the action was going on. Maybe this is a sign of good things to come.
John, thanks much for sharing. Maybe we should have held out for $4,000!
Continental Resources has produced the attached Geological Exhibit to a request to drill 10 new wells in 07-02N-04W and 06-02N-04W, Stephens County, Oklahoma.
Am I reading this correctly if I were to say that based on the production to date of this Exhibit, they are anticipating the recovery of approximately 13x what has been produced in Section 07 via the Chalfont 1-7?
Please share your experience with us. Thank you.
We have a guy from Continental Resources that I had told we were not interested in selling after I had run these numbers; yet, he ignored me and did what appears to me to be an end-run around me to go to my 85-year-old Dad to try to convince him to sell.
It’s a shame that some folks, in the back of their minds, whether conscious or not, decide to try to convince an elderly person to do something that may not be in their best interest. I really dislike and distrust a company that does that. As I had mentioned, they had already been told we were not interested in selling, but they didn’t bother to contact me and let me know they had raised their price by $1,000/nma or that their budget to buy this property is out of money until 2018.
They had written me off and were only now going to deal with my senior father. No courtesy phone calls. No emails. Nothing to me and I’m the one that just helped close on another deal and am agent for our FLP. Please just be aware of these things.
MD Wood. They have a typo on their form for section 6. It is supposed to say RGIP instead of ROIP. You need to look at the Estimated Ultimate Recoverable (EUR) of the Sympson 1-6H well. Case 201604982 It is about 11BCF. Then look at the recoverable for the 10 wells at 50% for each section, so 68,135/10 is about 6.8 BCF per well per section for section 6.
Case 201504693 is for section 7 and is from 2015 so older workup and maybe less reliable due to technology changes. It has EUR for gas is 111 BCF. Chalfant 1-7 has an EUR of ~11BCF, so each new well in section 7 has an estimated potential of about 9 BCF. Given that the 2015 display does not give all the parameters needed to compare the two sections using the correct equations, I would lean toward the more recent estimate. There is some mentioned on the exhibits.
I am disappointed when landmen try the end around game on families. Make sure your dad does not sign anything!
Thank you, M. Barnes.
Thank you, Michael Hutchinson.
Thank you, Captain Smith.
Linda, I’m glad the banker protected your step father and thank you for your time and comment.
I have known some really good landmen that wouldn’t think of taking advantage of the elderly but unfortunately like a rotten peanut that one or two in the bunch can leave a bad taste in your mouth for all. Better to be safe than sorry and check out who you are dealing with for sure so if anyone knows of the bad ones I’d like to know about them. My step father in law in his 90’s was nearly taken advantage of by one of the many phone scammers that are out there recently. He didn’t tell us about the man calling and convincing him his grandson was in jail and he needed to send them a cashier’s check to get him out. They even had his grandson’s voice on recording. He went to the bank here in our little town and praise the Lord our banker stopped him and told him it was a scam. He was so upset he had his landline taken out the next day. Too bad there are such sorry people out there that ruin it for the honest ones! And they do prey on the elderly.
I was getting small Royalty Payments from Chaparral Energy. Chaparral Energy filed for Bankruptcy. Does anyone here know what happened to their leases and production rights?
Your leases and royalties are fine. They are protected. I am getting my royalty payments like usual. If you had small payments before, you need to check your division order to see if your minimum was $25 or $100 for payment. I make mine $25. If yours is $100 or more, then small payments would have to add up before you would get a check.
I have small mineral interests in Section 7 Township 1N Range 5W, Section 3 Township 1S Range 5W, Section 4 Township 5W Range 5W. I have an offer to lease each of these with a bonus of $1,500 at 3/16 royalty. I am not impressed. I also have interest in Section 6 Township 1S Range 4W and Section 9 Township 1S Range 5W. Can I do better?
Can anyone tell me what leases are going for in S1 1N 4W?
Yes, Diane, I did get an offer on S7 1N 5W at $1,500 bonus and 3/16 royalty. I am waiting for something better.
I have now received 4 offers for my acreage in S3 1S 5W and would like to compare offers with anyone else that has received offers.
Can anyone tell me if the “JoAnn” wells number 2, 3 and maybe 4 were drilled and if they were completed? Went down to the diggings yesterday and found the JoAnn number 1 but not the others which I thought were being drilled a few weeks ago. We were looking for some friends of ours. Never could find how you get into the location where a well was being drilled about a mile behind the Pearl Assembly of God Church on Highway 29. Any information on what well that was and how to get into the location would be appreciated. I know they drilled that one because we saw the rig when it was up and drilling.
M.D…it was my stepfather-in-law that avoided the scam and I thank you for your comment too.
Guess no one knows anything about the JoAnn wells number 2 and 3???
I’m wondering if the large 7 point something earthquake which hit along the border of Iraq and Iran this morning and killed some 300 plus people and injured many more will have any effect on the price of oil and gas around the world. Praying for those involved and thankful our nephew and his wife who are both in the National Guards (after serving a term in the Army) didn’t have to go back over there this time when so many from Oklahoma had to go back over recently! He will be able to retire in 4 years and she will be able to retire in 3 years from the service. He only had 3 years to go also but they passed a new deal that said if they stayed one more year that his ability to have his college paid for could be transferred to his kids so his son could use it instead of him so he’s going on for that. They have both gone overseas at least 3 times each. So thankful for our service men and women who have served!!!
Scratch the “when their” from my last post. Typing faster than my brain can think (both are slower than molasses) lol Some other typos but who’s counting???
Neither Jo Ann well has been completed yet. Both spud in May of 2017.
Thanks Huey! Just thinking now that we may have seen the well site where they were spud when our friends came down and went with us. There was a location when there were two large holes with a metal ring around them where Preston said looked like they had been spud. Thought it odd that the location had not been graveled yet. So you think they might be just waiting on a rig or something like that?