I have ~200 plus mineral acres across the Converse & Campbell county line. Unfortunately I need to sell, but the timing seems good with there now being some 50 permits for horizontal wells.
So I googled mineral buyers and and called a couple of them to see if they would make an offer. I was shocked, most of them did not even know what the Powder River Basin. And from prices offered quoted on the forum seems to be in this $900 to $2k range.
Whats the big problem with the PRB? The well results I have seen are impressive, the stacked play potential with pad-drilling and downspacing would make you think it would be comparable to the stacked plays in Oklahoma, where minerals reach as high as 13k to 20k an acre.
So my real question is who are the common mineral buyers in the area? Or is there no longstanding presence of anyone? And does it not matter how many permits there are moving into confidential status -are buyers only active in the PRB if they can get stuff for 2k max?
Feel free to send info. We'd love to take a look. We recently purchased a couple deals in the PRB. The issue there is well costs are quite high, so it's a rather price sensitive basin. Also, the areas with the most horizons aren't all that widespread. You can reach us through our website www.overlandminerals.com We also advertise on this site.
DRILLED A WELL YEARS AGO IN CONVERSE CO., BAD RESULTS,,, TO COMPARE THIS TO OKLAHOMA?????
NOT A GOOD COMPARISON.....ONLY SUGGESTION I HAVE IS THIS: NEVER TAKE THE FIRST OFFER!!!!!
PATRICK, JUST WONDERING HOW THIS TURNED OUT. JOHN
You want to make an offer John? I dont know what formation you were drilling in Converse but there have been more wells drilled in that county that have produced over 150k bbls in 18 months from at least 6 different formations like Niobrara, Frontier, Shannon, Turner, Sussex, Parkman than I have seen in so called "stacked" formations in Oklahoma. Im not denying their are certain sweetspots in Kingfisher and some other parts Oklahoma with more than couple good zones, but they are just learning how to drill the Powder, and I see it only getting better.
How much are you thinking they are worth Patrick?