Replies to This Discussion

Permalink Reply by Skip Peel - Mineral Consultant on January 16, 2010 at 11:19

judy. Would you mind sharing the company making the offer and your section - township - range? In general, yes, it seems like an "opening offer".

Permalink Reply by judy hastedt on January 16, 2010 at 11:45

Township 23N, Range 3W. Will find out the name of the company when I talk to the landman, who is out of Dallas. He told my brother he works between Little Rock and Monroe, or El Dorado. We are to give him a call about Wednesday. Thank you for the conversation.
I believe the section is 16. We have 3 more tracts in Union Parish and the offer is for all of them. We have one 80 acre tract in Claiborne and have not been contacted on it yet. Thank you. I live in Texas. Judy

Permalink Reply by JB13 on January 27, 2010 at 11:56

Hi. Just wanted to chime in. I don't have my location handy but my property is in Junction City (Claiborne and Union Parish). I got a call today for $175/3/16th/5 years. It sounds like it is creeping up.

Permalink Reply by judy hastedt on February 1, 2010 at 12:28

$175/3/16th/5 years was our latest offer in 23N Range 3W. That was about thursday last week from Pinebelt. Then up in AR we're being told to expect less as this will surely be wildcatting. Thanks so much for writing. Judy

Permalink Reply by North LA on January 17, 2010 at 9:33

Judy,

Please keep us informed. I have a small pasture of land 2 miles from your section. I see your section has a pipeline running through it and has never had a well drilled. I guess it's a good target for a wildcat?? Section 29 in our area had a well drilled a long time ago and it produced a good bit of oil for about 10 years. Maybe that's what these guys are after?? The most recent well drilled in the area was by Caruthers producing drilled in 2006 (well#234704) into the cotton valley which produced a little oil.

Permalink Reply by judy hastedt on February 1, 2010 at 12:36

am going to look at my map and locate section 29, and pull for it. will write back if i know anything about your area after i locate it. thank you a lot. judy

Permalink Reply by judy hastedt on February 1, 2010 at 12:44

hi, again, we have an 80ac, in section 30. on my platte (sp?) an oil well is marked in section 29. my map has to be 25-30 years old. judy

Permalink Reply by judy hastedt on February 1, 2010 at 12:55

was that caruthers well a little south of junction city? judy

Permalink Reply by judy hastedt on February 1, 2010 at 13:29

The company who contacted us is Pinebelt Energy. Our tract in Claiborne Parish is 120 ac., not 80. Someone has written and said he was approached in the last 90 days by 2 different independents on two different tracts. I know Pinebelt has a lot of agents working in Union Parish and up into AR a little bit. Judy

Permalink Reply by greenjeans on January 29, 2010 at 11:45

We also have land in the T22N-R3W and T23N-R3W . Last weekend, we had an offer of $125 and 3/16 for 5 years. I think you would be making a very grave mistake to lease for FIVE years!! I, personally will not sign for 5 years, but rather on a 1 year lease, with a yearly $100/acre renewal for THREE years maximum, and 1/4 interest.
Bonus upfront is negotiable, depending on the depth. (HS will depth will cost them more.)

Permalink Reply by judy hastedt on February 1, 2010 at 12:34

We got an offer in T23 R3W for $175/acre, 3/16th, 5years. I really agree about the 5 years. You just know from your gut that's wrong. Seems like a 3yr lease with an option for paying for a 2yr extension is much more reasonable. That doesn't hurt so bad. Thank you, Judy

Permalink Reply by Skip Peel - Mineral Consultant on February 1, 2010 at 12:40

Unless the extension option is for a significant amount of money, forgo it. Just stick with the 3 year primary term.

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