I just read that a settlement has been reached with Chesapeake regarding underpaid royalties. Does anyone know which counties were included in this settlement? The article mentions “gas” wells, but I thought I read previously that oil royalty back pay was also in the suit.
James, reference transmission lines. Are you asking about electrical lines from each turbine generator to the Wind Farm Substation? If so, those electrical lines for the Minco Wind Farm were all underground but they still paid for easement rights.
Thank you for the update David I haven’t received anything yet; but I’m working with someone from Marathon to see where my division orders are. Those are nice new wells in 29 and 28!
My sister-in-law just got another offer to purchase two of her acres in Section 34, Township 2N, Range 4W for $25,000 for the two acres AGAIN. She and my brother-in-law both got this same offer about a month ago but we didn’t receive it for ours there. Guess they gave up on us. lol :O)
K Dawn Bauer,
Here is additional information discussed in May and June.
Ref-H K Doom 19 1S 4W Stephens County
You should be or have received an individual DO for each well in Section 19. I have received 1 of 6 DO’s. Whereabouts of my remaining 5 DO’s is being investigated.
Ref-Foster 29 1S 4W and Clarence 28 1S 4W Stephens County
The completion reports were filed, dated 7/17. See below completion information-
STEPHENS COUNTY
Xto Energy Inc Woodford(10690): Oil 465** Gas 2952 Water 1069 **Flow 29 1S 4W Clarence 1-29h28, May 27, 2015 HH, OIL, TD: 16029 ft Lat: 34.44766, Long: -97.63622 API: 35137273680001
Xto Energy Inc Woodford(10755): Oil 390** Gas 3541 Water 729 **Flow 29 1S 4W Foster 1-29h, May 27, 2015 HH, OIL, TD: 16101 ft Lat: 34.44761, Long: -97.63624 API: 35137273670001
These are nice producing wells.
We have a lease offer on Section 7, Township 1N, Range 4W, Stephens. $1,000 an 1/5.
Does anyone have any idea if that’s a good offer?
Got mine too!
Hutch and everyone- I received the balance of the Poteet division orders today! #2 & 3 came last week, #4-10 arrived today! Seems like we’ve been waiting forever… it was worth the wait though! I wonder if the original Poteet will start producing again. That would be an added bonus.
Jennifer, I saw them picking up a load of oil on the 4th of July or the week before. That is based on seeing the truck leaving.
My family receives royalties, mostly from Chevron with production from the Velma Tussy Unit in Sections 23, 24, and 25 Township 1S Range 5W. Royalties have fallen to about one third of what they were last year. Does anyone know what is happening here? Is Chevron simply not taking the oil from the low-producing wells?
Rick - thanks… I’ve missed Poteet #1. I’ll be glad to see it again!
Thanks for responding, Rick. My Chevron statement is 40 pages long with many many entries being a penny or two.
It would be a very time-consuming job to compare volume numbers. I don’t think we are being cheated on the price of oil because the prices seem to be following the market.
It appears that some of the decrease is in the price of oil but it also seems that production is about half of what it was. This leads me to the conclusion that production or purchases are down. A few smaller royalty checks from other companies have disappeared altogether.
It also makes sense to me that the purchasing of oil can be simplified by not bothering to gather oil from the stripper wells for which our family has interest.
I don’t think you are accounting for the drop in price of oil. I grabbed a statement laying on the top of the pile and then looked up one from the same well about a year ago. In June last year they sold oil for $104.85. The last month’s check was $45.36. That means if it were the same volume in each of these two months, my current check would be 43.2% of what it was last year. The only way you can tell production is down is by looking at the production numbers on your check stubs. But, you are getting pretty close to your 1/3 dollar figure based on oil price alone. If there is a decent amount of gas production, then the hit should not be as bad. This same well saw gas drop from $3.63 to $2.27 resulting in 62.5% of the previous gas payment.
You’ll have to define “smaller checks” disappearing. If you are talking about checks under $100, you have likely agreed to not be paid until they total $100. So if it has dropped to 40% you might not get paid as often.
John,
Is your observations based on the dollar number of your check or the number of barrels produced? And how many barrels are we talking about in the most recent month paid?
Anyone have production numbers on the new Poteet well’s first few months production they would care to post?
Thanks, Rick, for taking the time to do the comparison.
Bob, it might be a bit lengthy to post all 9 here. Follow the link below, search by legal 17-2N/4W, they have production through April. I’ll be able to tell you more after I get my first check in the next few days.
https://www4.oktax.onenet.net/GrossProduction/PublicSearchPUNbyLegal.php
Just received a Division Order and with it came a request for info regarding names of people not located. Seems to me I saw a Folsom on here and if so they may be related. They are looking for Heirs of “O. W. Folsom Jr.” If anyone knows of these relatives let me know, just trying to help out.
Anyone getting any top lease offers?