Replies to This Discussion

Permalink Reply by Skip Peel - Mineral Consultant on August 29, 2021 at 10:05

Andy, for those who may not be familiar with the E Quirk Survey, you might want to describe the location within the county.  Some of San Augustine is leased and drilled and some is not.  The E Quirk Survey strikes a bell from years past.  It might be on the edge of current development.  A cross road is a good way to describe location for those that don't know all the survey locations.

Permalink Reply by Andy Franklin on August 29, 2021 at 10:07

Ok great, thanks.

Permalink Reply by Bill R on August 30, 2021 at 5:36

Are you talking about A-35 E. Quirk in San Augustine County? 

We have had multiple offers from multiple companies to purchase our holdings in that Survey lately, so have been anticipating Aethon or other O&G Companies to begin making offers soon. Always get offers to purchase all or part of our Rights from various Parties, but the frequency of request for E. Quirk have picked up substantially lately. Have your offers been from Aethon directly or a Agent for them? 

Permalink Reply by Andy Franklin on August 30, 2021 at 5:48

Yes, I am talking about the Quirk Survey, A-35. We have received many offers to sell as well. The offers seem to be coming more frequent by the week. Some of the offers are getting to seem somewhat high compared to the lease offer we are receiving. The lease offer is coming from a third party representing Aethon. 

Permalink Reply by Bill R on August 30, 2021 at 6:02

I keep ignoring all of the offers and keep anticipating an actual legitimate Lease Offer from Aethon. So far all of the offers we have been getting are to purchase all or part of our Rights, we only lease and never sell... when they finally send out Division Orders and Drill, it keeps me in fishing tackle monies for awhile.

Permalink Reply by Andy Franklin on August 30, 2021 at 6:16

Our lease offer was for $300 and 1/5th royalty. Seems like a low ball offer.

Permalink Reply by Bill R on August 30, 2021 at 6:21

Yeah... that is far lower than we would even consider depending upon the Land holdings

Permalink Reply by Bill R on August 30, 2021 at 10:06

And speaking of the Devil...

Opened the mail and there was an offer for E. Quirk... wanting to purchase the rights to all of my acreage and mineral rights for $2700.00 dollars, which would equate to about 35 years of my present percentage of our Royalties on our well there.  

Now the questions that immediately comes to my mind are... how many additional wells could go onto the holdings they wish to purchase? And what do they know is anticipated to be drilled there?

I never fully know what or where our future in Texas lie, but I like to keep my cards close to my vest and let it ride because I might draw that elusive inside Straight and have a winning hand out there.  

Permalink Reply by Rock Man on August 30, 2021 at 12:42

Was looking at ENVERUS for this survey and figured I would post this PDF. This survey is one of the larger surveys in E Tx - covers about 32 square miles of slightly over 20,000 acres.

The productive wells on the attached PDF (Red and green dots) indicated the extent of this survey.

I am thinking that there may be some subsurface reservoir heterogeneity across this large area

Attachments:

• San Augustine Co E Quick A-35 survey production.pdf, 676 KB

Permalink Reply by Skip Peel - Mineral Consultant on August 30, 2021 at 13:03

Thanks, Rock Man.  That is an unusually large survey for E TX.

Heterogeneity:  The quality of variation in rock properties with location in a reservoir or formation. Shale gas reservoirs are heterogeneous formations whose mineralogy, organic content, natural fractures, and other properties vary from place to place.

Permalink Reply by Rock Man on August 30, 2021 at 13:28

PS comment on reservoir heterogeneity - there very well may be some faulting in this area what would significantly impact horizontal drilling.

Plus a possible variable thickness of target section across the area (part of the heterogeneity factor).

Permalink Reply by Bill R on September 1, 2021 at 5:38

Question to Rock Man and Skip Peel -

Forgive me, but still learning after all of these years... how would a subsurface reservoir heterogeneity impact the reservoir and wells in regard to drilling and offers that we have been getting... does this mean the area could present a far superior chance of a larger reservoir and quantity of Oil and/or Gas present there? I was always under the assumption that subsurface heterogeneity was a negative aspect in the Oil and Gas Industry.

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