Replies to This Discussion

Permalink Reply by William C. Morrison on May 2, 2013 at 2:12

Okay Craig, but tell us more.  To whom is it selling its leases?  Our lease is about half way up now.  So I'll guess this will be another. "See ya later" kind of deal.  Same thing happening all over again, about a 10 year cycle.  But I guess a few dollars every ten years ain't a bad thing.

Permalink Reply by Craig Wascom on May 2, 2013 at 3:02

Hi Chip, They are being put up for auction. We will have to wait until June 1 to see who picks us up. We only have 6 mo. left on our lease so I guess we will find out the new owners attention fairly soon. I have said that I would not sign with Anadarko again, don't have to worry about that any more.

Permalink Reply by Noah Brenner on May 2, 2013 at 4:45

It was originally put on the market in January with a goal to close in mid-March but I guess maybe it didn't draw the interest they were hoping for. At that time they were pitching it as a TMS/Chalk prospect. I wasn't aware of the auction.

Permalink Reply by Skip Peel - Mineral Consultant on May 2, 2013 at 4:59

Hate to see any leaseblock make it to an online auction as it generally indicates a failure to find a buyer through private negotiations.

Permalink Reply by John M Santamaria on May 2, 2013 at 10:36

The way I feel now it's got to be some sort of improvement.  Doesn't sound for sure if it's a sale or auction from reading between the lines.  Heck irregardless of how it sells it show it has some value any way you slice it.  If it's an auction surely it won't be "pennies on the dollar" I hope this is a positive development.  thought for sure having a large operation like Anadarko would make something happen.  One thing about this is it's a continuing learning experience.

Permalink Reply by Rock Man on May 2, 2013 at 10:46

I'm sure that Anadarko will have a pretty hefty reserve price laid out for this property. Questions will be are they ready to sell it in pieces and/or in slices (e.g. deep rights vs. shallow rights) instead of a single block. I figure the auction process will identify more candidates and it turns into a negotiated sale before it is all said and done.Interest will be drummed up as various groups visit the data room for this project.

Permalink Reply by Craig Wascom on May 2, 2013 at 10:51

That is the way I look at it John. Looks as if Anadarko has known for a while that they were not going to proceed. Maybe we will get somebody innovative that will have the process for completing these wells figured out. When you look at the boom we are seeing in the Permian Basin you will find it was one guy with an idea that everyone else thought was crazy. Now we can't drill them fast enough to meet the oil companies desire to expand.

Permalink Reply by John M Santamaria on May 2, 2013 at 11:30

Really appreciate you making this info available. Went to the oil and gas clearinghouse website and got a lot of info.  I hope you're right.  Surely someone with the right idea like you say will come along.  To me any sort of movement is better than being dead in the water which it seems like we have been the last 6 to 8 mos.  I've got my fingers crossed.

Permalink Reply by John Matherne on May 3, 2013 at 5:47

Well that guy should know how to do it again.

Permalink Reply by Craig Wascom on May 7, 2013 at 13:45

His name is Dennis Phelps and he lives closer to you than he does to Midland where he commutes for consulting work.

Link: http://www.texasmonthly.com/story/%E2%80%99s-oil-folks

Permalink Reply by david crocket on May 7, 2013 at 16:49

Thanks for posting this.  It was long, but worth the time to read.

Permalink Reply by Craig Wascom on May 22, 2013 at 14:16

Bidding has closed does anyone have any news?

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