Replies to This Discussion

Permalink Reply by JWC on April 18, 2009 at 14:32

Thanks Doug. They are moving South a little bit. This is good news.

Permalink Reply by Bill R on April 18, 2009 at 18:18

Yeah Doug, thanks for the update... do you know which survey(s) it is going in on? We have multiple leases to Cabot in Quirk, Weeks, Steddum, Sexton, Welding, Tillman, Brown, Ybarbo, Wood, Petterson and Holloway to the west of SA (looks between 4 to 9 miles).

"Drill holes... lot's and lots 'o holes!"

Permalink Reply by Phyllis on April 22, 2009 at 17:33

Hi, Bill. I have been doing some quick research and ran across a number of your posts. If I read correctly, I think we are in similar situations in that we've inherited mineral rights to properties in a state in which we do not reside. In the above post, I see that you have a lease or leases in Steddum, as do I. It was the first acreage that my brother and I became aware of our mineral rights ownership 2 years ago. Right now, I have a landman pushing to finalize a lease in San Augustine County on four tracts across 2 surveys and I'm trying to get a handle on current bonus amounts in that area. I know the bottom has fallen out of the market AT THE MOMENT, but no doubt they will come back before a well is drilled and producing. I have another person in the business following up on her contacts to get a feel for current rates but she will not be getting back to me until the end of the week and I'm trying to strike out on my own here. The tracts are just north of Steddum (S. Conechi and E. Quirk). In our opinion (my brother's and mine) the current offer of $500/ac is low. Can you, or any of you knowledgeable locals, shed any light on the subject?

Permalink Reply by ALongview on April 22, 2009 at 18:06

Phyllis, We are currently negotiating on 70 acres in E Quirk. It seems to be that the current offers are the same. Who are you dealing with? Cabot, St Mary?

Permalink Reply by Phyllis on April 22, 2009 at 20:26

Crimson, on this deal. So you're getting nothing higher than offers of $500/acre? We were first contacted late last year but I think the first time a dollar amount appeared on a contract was in early February. How recently did you receive an offer for E. Quirk and may I assume it was with either Cabot or St. Mary?

Permalink Reply by ALongview on April 23, 2009 at 2:48

St. Mary. We have been working on it for about a month. How many acres do you have to lease? I think that when St Mary finishes the Haynesville vertical well in the Quirk survey that they are currently drilling and when Cabot releases the results from the KVG #3 to the NE the area should pick up activity wise. We are more concerned with getting 25% than big up front money.

Permalink Reply by Phyllis on April 23, 2009 at 5:56

Regarding acreage: About an acre shy of your 70 if you combine mine and my brother's. Are you being pressured to sign soon? A couple of months ago it was, "Take all the time you want. We're in no hurry. We're not doing anything anytime soon." Now, it's "We can have a check cut if you can meet on Friday or Monday." LOL I think we're the last two in the unit to sign and they must want to get it squared away. I'm assuming.

I'd still love to hear from anyone else who might have gotten bonus offers north of $500 in the last month.

Permalink Reply by ALongview on April 23, 2009 at 9:49

I am unfortunately not seeing the urgency that you are. Our land however is surrounded by one company's leasehold. Put's us in kind of a pinch but that's ok. We will work something out that is fair to all........or we won't!

Permalink Reply by ogmladvisor on April 23, 2009 at 16:50

Your assuming alot Phyllis. If a unit is going to be formed, the operator doesn't have to do so before a well is drilled...which means it's all subject to change, based on who they have under lease and who they don't. I have no doubt they want your land under lease, as that's the name of the game...but don't think for a second that they can't step off to one side of you and drill their well on someone else.

If you are comfortable sitting on the sidelines and watching a well spud next door (and it sounds like you are), then you might be putting yourself in a nice position to lease if the well comes in. The flip side is that if the well being drilled next door is a duster, your acreage will be condemed and you won't ever be leased.

Permalink Reply by intrepid on April 24, 2009 at 14:12

Maybe more likely than a 'duster' is that they will get too much saltwater?

Permalink Reply by Bill R on April 27, 2009 at 8:56

Phyllis -
Yeah, I suddenly became aware of the inherited lands and mineral rights ten+ years ago when my Mother passed away with a couple of timber leases, then more after my Dad passed on in 2005.. In 2007, it seems someone out there must have looked in the county ledger or something, because we became more and more aware of just what we held out in Texas, Louisana, and Arkansas. Sounds like some of our tracts may be close to each other, but I'm still not sure of the actual physical locations of most of it.
We leased alot of the Shelby and San Augustine county holdings in 2007 and 2008 for some decent dollar amount (exceeded $500/acre by at least three times that amount on most). We have had some recent offers at about the same as you're seeing, but we will hold out... the way I figure it is, "if it goes bust, we'll be right where we were and if it takes off like a rocket, then my bosses can call me up in Alaska for the keys!"
I do have to say, being the out of the actual action out here in Oregon makes the whole thing sort of surreal, exciting and fun. If I get nothing else out of all of this, I've met a lot of nice people and made a few friends on these forums.

Permalink Reply by Doug Fitzgerald on April 19, 2009 at 1:58

Bill R
Don't know the survey name
The info I got it is going to be on James L Williams land ( his late grandfather land Ed McKinney)

I have 6 acres in EW Brown in Denning that is not leased . And my 22 acres on county road 278 is leased to EOG which is only 1 mile from this site

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