Johnson
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  • Bossier City, La
  • United States
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Have there been wells drilled in the HS that don't pay out?
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Started this discussion. Last reply by Johnson Aug 8, 2008.

Half of my section is owned by one man.......
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Started this discussion. Last reply by Aubrey C. Sanders, Jr. Aug 6, 2008.

Link to Louisiana Oil & Gas Law
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Started this discussion. Last reply by Johnson Aug 6, 2008.

 

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At 17:49 on August 7, 2008, Aubrey C. Sanders, Jr. said…
Johnson,

I have had very good results by taking working interest in wells and not leasing my land. In my case land was leasing for about $250 per acre so I gave up the bonus.
Then Fina paid all drilling costs and held back payment until they recovered 100% of drilling costs. Then they paid me and withheld my share of operating costs. Of course had it been a dry hole I would have got nothing but with no expense to me. This was the risk I wanted to accept as I had confidence in location.

I am a geologist, grew up in the area, and watched the early development of North Shongaloo Red Rock field from early 50's to date, even though I left area in late 50's. I closely follow oil developments via personal contacts and Sonris, and visiting area about every two months. Additionally I operate 2 wells down there.
All this does give me some advantage, but anyone can do same as I did (not lease) if they want to take the gamble, and it is always some gamble.

Now, if I were offered the same kind of leases as some, say 25,000 per acre I would probably lease
. At age 75 I think I might help my daughters spend some of their inheritance.

If one does as I did you need to deal with first class companies.So far I have done deals with XTO, Fina, EnSight, Will-Drill and EnerQuest with good results.
All wells were within, but on edge of a productive area.
I felt that the risk was low on each well.

This is not a recommendation to anyone to do as I did.
Results will vary based upon site locations, partners, etc.

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