Oil & gas discussion group for those interested in Terry County, TX. Share your experience regarding lease bonus, royalty rates, drilling activity, and oil & gas news.
This might help a lot of people Gene, maybe we can use it to update on drilling activity as well.
You should negotiate for the full 25% royalty. The bonus money is just that, bonus money. The real wealth is in the royalty and 2.5% can cost you hundreds of thousands of dollars on a 100 BPD. Also I reccomend you hire an oil and gas attorney to review the contract. Our attorney had 14 lines deleted including a 25x raise on shut in gas royalty. There are a lot of people signing these contracts as presented and the landmen are the one laughing all the way to the bank. We recived almost 3x what was offered by using an attorney to negotiate. Hope this helps
I sent an executed lease to South Plains Land Services back in March. The draft is past due and they have not paid me. What should I do?
South Plains paid me. I was expecting to be cold drafted but I did get paid, God bless them.
Iam trying to find on the google map exactly where my families 40 acres is , We have a offer from Ramsey petroleum for the rights to explore and possibly produce , any help will be appreciated.
Mark
Bill McGowan is 3rd generation lawyer in Terry Co. He has reviewed all our stuff and has made several suggestions to our benefit. His phone no. is 806/637-7587.
To locate your property, go the Railroad Commission of Texas site. Find the GSCI (i believe that is the name) viewer. It has maps with survey names and numbers. It will locate your survey on the map.
Hi Group. It’s time for my family to call in a lawyer regarding our shared lease in Terry County. Can anyone here recommend a good, experienced mineral rights lawyer? Needing responses fairly quickly, if possible. Got lotsa questions regarding our lease. Thanks for any help you can provide.
does anybody know how to find the history of a wells production back in the 40s?
mark
Judon Fambrough is a name that comes to mind concerning O&G lease issues. I have heard one of his presentations that was very good and interesting. He has been writing on the subject of O&G for many years for the Real Estate Center at A&M. A very pleasant and knowledgeable person as well as an attorney.
Iam not so sure I like the deal Iam being offered from a certain landman , is there a way to make a offer to anotherone?
Mark
mine is also in the southwest quadrant.
Who has the latest on leasing in Terry County? Also, is the drilling activity picking up any at all?
Shelby
I wish I knew. I see several permits were issues in May, but to date I have heard nothing about production. I was advised by the operating company that purchased rights to drill on my tract that it will be at least a year before they start drilling. They are waiting to see how other wells develop first.
What quadrant of Terry County are you located Under par? I have oil rights in SW quadrant.
I’m just barely in the SW quad. SE of Gomez. Also have some in the SE quad around Union. Haven;t had an offer on the Gomez place and passed the eary leasing round on the Union place.
Seed costs are totally paid by the farmer. For dryland, there may be little or no fertilizer depending on the year. This year, all dryland failed due to the drought. However, there should be nice crop insurance checks this year. Crop insurance is a no-brainer, as the government subsidizes this heavily, and it pays off well over the years.
It’s not unheard of for leases to expire with no drilling. I had the same thing happen to me. $50,000 may sound like a lot, but compared to the price of drilling and completing a well, it is not much. That was not an uncommon lease rate a couple of years ago, HOWEVER, the lease rates in Terry County have gone up considerably since you leased, with a lot of interest in the Wolfcamp/Spraberry formations due to the advances in horizontal drilling and fracing. It’s not uncommon to see $350 to $450 an acre these days. The best thing that could happen for you now would be for the lease to expire, and to re-lease at a higher rate.
JW your a fountain of information for me today, again, Thank You.
Section 51 Block D-14 Terry County has been in the family for a very long time, now my 80 year old mother is wanting me to be involved in this, so I am trying to learn something.
Yes, a check came in for the crop insurance,25%. but have no idea of the government subsidy you mentioned.