Has andyone been approached by Devon Energy? They just called wanting to lease my mineral rights for 3 years.
Yes. They are wanting to lease the shallower rights to go after liquids. They will agree to limit the lease to those depths from the surface to the base of the Pettit formation at 8,470 feet. They will agree to 25% royalty, 3 year term and a bonus of between $1000 and $1500.
is anyone taking this offer or are you waiting for something more from natural gas...they offered 500 an acre with 20% royalty for 3 year lease top me.
Yes people are taking the offer. They can come back and lease the deep/Haynesville/Bossier.
you mean that if you give your rights to Devon you are still able to lease the deep rights to some other company?
Yes, because the lease to Devon is limited to certain depths.
Ben, what depths are we talking about - 5,000? 10,000' ??? - Thanks
"surface down to and including 100 feet below the stratigraphic equivalent of the base of the Pettet formation, being approximately 8,470 feet subsurface, as shown on the electrical logs dated June 1, 2010 ran in the Halbert #1 Unit Well (API 42-405-30343), and specifically does not include any portion of the Bossier Sand or Haynesville Shale Zone.
Can you say what survey you're in?
i don't know...i am south of state road 103 and west of 87...
I have some ownership down there in Sabine County. It's confusing because I didn't know this was a Sabine County site. Anyway, where are they leaseing? Is it around Milam? Thank you -
I think this area is around the Rosevine community. From what I have heard in SA county, they are working from the Ford's Corner community on Hwy 21 south thru the Rosevine area. But this could be a new project by Devon besides that one.