Hi- anyone know of Riley Permian Oil/Gas drilling in Yoakum County Texas ? Offering me a 3 year lease w/$350 per acre for 3 years and 1/4 in royalties.
Doesn’t sound so great to me considering Yoakum County is 16th in Texas for oil/gas production.
Any assistance would be fantastic.
Angela
What sedition or abstract are you in?
NE/4 of Section 557, Block D Abstract 1794
Are you sure about the abstract #? I show abstract # 413 for section 557 block D.
I found it, your abstract number is correct. Do you own the surface as well because if you do you can add on to the lease that the water used for drilling will be from your land which can be a good deal.
Your section already has 2 horizontals in that section and a permit from Riley. I think that since it’s already been proven you could ask for more money. Go to the Texas Railroad Commission website and go to GIS Map. It will show the existing wells as well as the permitted one in your section. Section 557 is southwest of Plains.
Morning Rick- Thank you for so much help.
How would I approach asking for more money.
How much more ? 
I have sent info/will to County. Waiting on response for land ownership.
Angela
815-260-1722
I just read elsewhere to make sure there is not an option to renew lease after 3 years.
Can I send you what I have for review ?
Sorry for additional message. Riley stock has plummeted approximately 65%-$80% since last year.
CEO resigned a couple months ago as well.
Does this play a part in negotiations?
Riley must be suffering along with a lot of other smaller operators give the low prices until recently but other than that I’ve heard good things about the company.
Morning Rick- did you read the other messages above the stock message?
I’m glad to know there’s some activity there. I have property nearby in section 560, 620, 625, and 626. I received lease bonus of $500 an acre in 2015 but the lease is now expired. Did a three-year lease and received extra bonus for two additional years but it all expired in 2019.
Bonus seems awfully low considering there are already 2 wells in that Section. A lot depends on the size of your mineral interest. If it’s a smaller interest, they will pay more per acre for the bonus just to get the lease signed. Big difference if you have a 2% interest or a 50% interest.
“$350 per acre and 1/4 royalties” doesn’t seem too bad to me. 1/4 royalty is about as good as you can get. IMHO the health of Riley as a company and their likelihood of drilling are the important questions.
I only got $250.00 per acre and 22.5% royalties for 3 years in Reeves County from Tall City Property Holdings .
You should not have to take less just because the company may or may not be financially strapped!
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