Oil & gas discussion group for those interested in Wise County, TX. Share your experience regarding lease bonus, royalty rates, drilling activity, and oil & gas news.
ive had an offer ,in fact the papers have the same tract as what u posted in another topic,wondering if ur my nephew /niece
I currently have 2 producing wells since June, both with Pioneer. I also have other minerals just leased by Pioneer adjacent to the producing wells. The OAG landman feels sure they will drill there as well.
Are they in Wise County, TX? Does the OAG landman work for Pioneer or are they independent? This is our first exposure to mineral right leases so I am trying to gather as much info as I can.
Yes, Wise County. I am unsure about OAG's relationship with Pioneer. I do know that with the now producing minerals, OAG also handled obtaining the lease and the lease check came from them, although they did tell me at OAG that Pioneer funds the lease. Have you spoken to anyone? The landman for the recent lease's name is Mark.
mine is leased from enervest.
Are they drilling? How much bonus per acre?
Since I only own a % of the minerals, I do not sign leases but ratify leases negotiated by the property owners. I know they paid considerably more per mineral acre on the lease I recently ratified. The wells that are producing make the lease$ look like chump-change. A lease does not guarantee they even drill, so I am not sure what Willy is talking about. The lease for the producing wells was around $700/acre and the recent lease was $1,000/acre. Royalty is around 23% for both. Other leases are with Braden Exploration.
is your monthly check for royalties on a well(s)? I am not doubting what you are saying, I certainly do not know everything about this business. What I was saying is they paid us so much per acre for leasing the land and did drill, so now I get 2 checks per month, royalties on oil the first of the month and royalties on gas around the 15th which are substantial. When previous leases were executed and they did not drill, I got the per acre lease money up front and then nothing until the lease expired (3 years).
We have a small acreage interest in a Devon Energy old production area (Mitchell Energy at one time) maybe 5 miles west of Boyd, TX. The royalty check keeps getting smaller; is it likely that Devon will drill deeper & horizontal in this area to hit new or better pay zones?
Do not go with Devon Oil...I hear that Pioneer does pay alot more and will amend the contracts. I geot my first check this week after signing a lease a lease over a year ago. I get almost nothing...was told if it doesn't amount to at least $100.00 a month, they will acrue it till it meets the minimum amount. So, it looks like every 3 months I might get a check. We didn't even get a decent bonus. Oh, well, that is what happens to a newbie who knows nothing about wells. Buit on the other hand, I guess something is better than nothing. I do know this, I will not resign up with aforementioned company again, nor will I ever recommend them. 'Nuff said...for the moment. Oh...All I can say is, be careful and do your research and never...never accept the first offer they throw at you and get legal help!
One last comment...Wise County is in the "Core" of the Barnett Shell area...which means it should pay alot more than any where else. Then why did they pay so little? Greed, is all I can think of. How do I know there isn't 2 lines running off the well? One metered for the mineral rights owner and the other not metered for them. Also, why are they reserving 20 acres for the well? Oh well enuff whining for now.
Randy, I'm in the same situation you are in Austin & Wms (A-3) and Sam Evitts ((A-264). I'm royalty owner & I have an early 50s 1/8th lease & they take TONS of production costs out of my checks - much more than the severance tax. Devon has farmed out the old production and is just holding my B. Shale rights under that old lease.
Ann im sure the lease is on record at Decatur, but i live just east of Lubbock tx. and i may have the lease on file, havent looked for it just waiting hoping Devon will need the acerage soon.wonder if you have been to wise county lately, if you havent you would not recognize Bridgeport it has grown so.
anything leasing going on in wise county, checking for a good friend that his grandmother had property their
Nancy i have not heard of new leasing in Wise county, if so im sure it is in the eastern part of the county, since the viola simpson pinch out runs thru about the center of the county.
Hello Wise County! I'm grateful that I inherited some rights...divided by 5...I am the fifth of five...and I thank my ancestors everyday for having the vision for our future. Investing in these ventures was a risk at it's time, and it still is now, but it is our future.
Where in Wise County is all the "permit approved" & drilling activity? Is Devon likely to drill deeper and/or horizontal in their existing leases west of Boyd in Wise County?
Does a production company such as Devon normally have access to all depths & zones in their leases in Wise County? I assume it all depends on what the leaseholder demanded in their lease agreement.
Randy, it does depend on what the lease says.
There is a video tutorial on the Home page which shows you how to check permits on the RRCwebsite.