Replies to This Discussion

Permalink Reply by Joe Aldridge on January 28, 2014 at 12:51

Where are you in EF?

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Permalink Reply by Steve Jacob on January 28, 2014 at 14:19

Situated in sections 49& 40, township 1 so, range 3 , East Feliciana parish, la. That would be on hwy 961 approx 2 miles from junction with hwy 432.

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Permalink Reply by Joe Aldridge on January 28, 2014 at 15:10

That's in the Felixville area?

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Permalink Reply by Steve Jacob on January 28, 2014 at 16:13

Yes

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Permalink Reply by Joe Aldridge on January 28, 2014 at 21:03

With all of the activity in that area I thought everything was leased. Did not know Comstock had a lease block in that area.

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Permalink Reply by tc on January 29, 2014 at 2:06

If you look at Goodrich's TMS presentation the middle section of township 1 so, range 3 was not leased by them or Devon.  Looking at Comstock's presentation it look like they acquired a lot of small leases in a narrow north to south line in E. Feliciana along the St Helena border

From a 12/21/13 press release: In 2014, Comstock plans to focus exclusively on oil projects.  Most of the planned drilling will be in the Eagle Ford shale in South Texas.  Comstock will also begin to delineate the newly acquired leases in the East Texas Eagle Ford and Tuscaloosa Marine shale plays.  Drilling and completion expenditures in 2014 are estimated at $450.0 million to drill 71 (47.6 net) wells.  An additional $28.0 million is estimated to be spent on lease acquisitions.

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Permalink Reply by Joe Aldridge on January 29, 2014 at 2:25

Thanks tc,

It appears that Devon was not into leasing small land owners. That's what friends that have small acreage through out the parish tell me. So I guess Comstock is finishing off what they left. At least in that area.

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Permalink Reply by tc on January 29, 2014 at 2:52

While $28m on lease acquisitions won't go far in the S. Texas Eagle Ford, it can lease a lot of acreage in the TMS and E. Texas Eagle Ford, so I don't think Comstock is done acquiring acreage yet. 

The above lease terms also cast doubt on the likelihood of receiving thousand dollar lease bonus that some landowner were hoping for.

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Permalink Reply by Joe Aldridge on January 29, 2014 at 2:57

I think he could have gotten more. But he may end up winning because of the possibility of immediate drilling.

Permalink Reply by tc on January 29, 2014 at 3:09

If I was a operator, my pitch would be you can wait 5 years and hope Goodrich will lease your land at a higher bonus rate and then wait another few years for a well or you can lease now with us at this lower rate, but we are are "planning" on drilling a well this year, so you could start receiving 20% royalty on $100 oil this year.

Permalink Reply by Steve Jacob on January 29, 2014 at 3:45

Guys,

You are exactly right on the timing. The 1st offer was less that what we, landowners in the area, were 1st offered. It was only after another landman came on the scene and offered something higher that Schoffler up their offer. Only after discussing this with the most knowledgeable lawyer in the area, and pushing for better terms, did I accept the offer. Until a gusher is hit in this area I didn't think lease values would go much higher. The platt that the landman showed me, 600 plus acres,is running basically ESE  by WNW WITH my 10 acres being roughly in the middle. There are several 40+ acre wooded and cleared tracts in the area leased.

Steve Jacob

Permalink Reply by Joe Aldridge on January 29, 2014 at 3:46

I agree. That is if they are being straight with him. Been there and was bold faced lied to. Just hard for me to believe anyone in the leasing business now. So I try to go for a large enough bonus to compensate for the lies.

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