Replies to This Discussion

Permalink Reply by ben walker on May 20, 2011 at 9:57

Sorry that should be Global rep not Goodrich...

Permalink Reply by ben walker on June 2, 2011 at 9:19

Global man called me today and I decided to tell him I was not interested in signing lease.

Permalink Reply by MC on May 20, 2011 at 9:59

Ben,

I have my minerals leased through EOG/Sonerra and I was also contacted about a survey (from Global) at $10/acre.  I'm not sure what to make of it -- I would assume it is part of a bigger picture since EOG has my minerals.  Let me know how your haggling goes!

Permalink Reply by Kathy on May 20, 2011 at 10:46

I have also been contacted by Global.  I received the same offer in the mail yesterday.  I contacted Seitel Data since they were the ones that just finished the survey on our property.  I asked if it is normal for another company to come in and do a survey after they just finished.  Their response:  It isn't normal, doesn't happen very often.  They agreed to look into it and call me back. 

I didn't like several things in Globals' contract: 1) 24 access to the property 2) helicopters on the property 3) the price is much lower than Seitel

I also found out by reading Seitel's contract that we are obligated to notify them if any third party approaches us for the purpose of executing any other similar type agreement - so all who have been approached should read your contracts carefully for similar wording. 

Permalink Reply by Kathy on May 25, 2011 at 8:46

Ok, folks I just finished talking to the guy from GLobal and here is what he said:

They are not under contract to anyone - they are doing this on their own, that is the reason for the lower offer.  They claimed that Seitel's contract paid $25 because that included up front payment for any possible damages.  He told me he has talked to many people that were unhappy with Seitel and the way they left their property.  My brother has gone over our property and is very happy with the way they left it.  Anyone else feel differently?

He indicated that Global will not come up on the price.  As they are not under contract to EOG or anyone else, we aren't obligated to let them on our property.  They said they would like our cooperation, but he didn't sound like they were willing to bend at all.

I don't want to give them 24 hr access to my property, and no helicopters scaring the cows.

Lets keep this discussion going and all get together on negotiations and we will have much more leverage.

Permalink Reply by adubu on May 20, 2011 at 14:54

Ben--- where is your land located? What part of county and Survey? This is very interesting-- keep post up to date on what you find out.

Permalink Reply by Skip Peel - Mineral Consultant on May 20, 2011 at 15:02

Seismic shoots are either speculative (somewhat seldom) or conducted under contract to a client(s) (generally the case).  When the client pays the bill and designates the target area they own the results.  It's proprietary and rarely shared except with development partners.  One or more seismic companies may shoot the same or over-lapping areas for different clients who will own the results.  Only in the case of a speculative shoot will any party be able to access the seismic data generate by paying the required acquisition fee.  Owing to the substantial cost, seismic is often shot after the lease block has been acquired.

Permalink Reply by adubu on May 20, 2011 at 15:19

Skip-- I assume 3-D is expensive operation-- you have any knowledge of the estimate what the cost is per Sq mile to shoot 3-D?

Permalink Reply by Skip Peel - Mineral Consultant on May 20, 2011 at 15:48

adubu, I think you assume correctly but I do not know the relative cost.

Permalink Reply by adubu on May 21, 2011 at 5:40

Mike R--- very nice short over view of 3-D for us who know very little about Seismic--all should review it--thanks for the link. Adds about $133 per acre lease cost----can save lots of money when looking at $10 million drilling cost for a H Shale well that improves chances for sucessful well. I had thought cost were higher.

Permalink Reply by ben walker on May 21, 2011 at 4:24

My land is on CR 509 about 1.5 miles south of 21. I am in a pool with producing well (Lone Wolf, 347-32286, Veatch, J A survey ABS 575, Kendrick (James)). EOG has completed but waiting on gas line about 0.5 miles south of me Stanaland Trust Unit 347-33194, Mora, J survey Abs 361, Carthage (Haynesville shale).

 

I need to drive down and check on the gas line as there was a right of way lay some weeks ago before the frack was done.

Permalink Reply by ben walker on May 22, 2011 at 2:30

The flagging etc for the gas line noted above has been removed. Now there is new marking (paint) and flags indicating EOG likely plans to use existing right-of -way (Sonerra) for the new line.

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