Has andyone been approached by Devon Energy? They just called wanting to lease my mineral rights for 3 years.
I think the area is larger than that.
Well, Im over by the lake. I guess thats too far east? - Thanks
That I don't know GoRicky.
There has also been some interest in an option to release acerage near the original Hall well by Endeavor. Indicates possible intention to go back into the well if and when prices go back up.
Is this release acerage the old Devon leases or from another player?
Origial lease was with Endeavor. Right of first refusal option for a 3 year period at $ 100.00 per NMA. Option to meet or exceed any other offer(including all lease terms) with option fee non-refundable. They are heavily leased (ours expires in Sept.) in this area and particularly near the Hall well as our property is.
They are offering these options to protect their acreage from someone else they fear might come in. I wonder if the target is for the Haynesville/Bossier of if could be for something else?
You know, it seems like Endeavor spent a bunch of money on their block & then drilled one of those "research wells" - I wonder who funds them? Also, they were supposed to be buying leases way down in the South part of Sabine County - - what happened to that? Thanks
Feel like the Hall well was to prove up the area where they were heavily leased, then the market tanked. Remember, the well only produced from one vertical completion zone for 2 months and was averaging close to a half mil. / day. The pipeline was completed to the Hall location so you might say the area is ready for development. Think this is why they are taking options now in a wait and see posture on market changes.
Anything new out there. Any new leases being offered/signed?
Based on County Records web site Devon has leased property recently south of 21 and north of 103. Abstract #38, #44, #50, #198 and #25.