Replies to This Discussion

Oil & Gas ProPermalink Reply by Les Bamburg on July 1, 2010 at 10:39

Milton, the Trinidad #52 Rig moved on location 6/2 and should be drilling the horizontal lateral at this time.

landownerPermalink Reply by milton mcgee on July 1, 2010 at 13:18

Les, thanks for the info. Please keep me posted. Milton

landownerPermalink Reply by milton mcgee on July 27, 2010 at 4:39

Les, Have you heard an update on the Sustainable well?

Oil & Gas ProPermalink Reply by Les Bamburg on July 27, 2010 at 4:46

Milton, according to Sonris the drilling of the well was finished in early July. The next stage for the well would be the fracture treatment and completion. I would expect this to occur in the next few weeks.

Permalink Reply by Fred Roe on July 7, 2010 at 11:01

Les,

What happens if they drill a well in your section and you are not leased. If my memory serves me correctly, if the well produces, you receive 100% of the proceeds attributable to your acreage. For example, if you own 40 acres you would receive 6.25% of the proceeds for gas produced from the 640 acre unit. Is that correct?

Fred

Oil & Gas ProPermalink Reply by Les Bamburg on July 7, 2010 at 11:13

Fred, the operator will recoup the cost of drilling the well and any operating expenses from your proceeds. So until the well reaches payout you may not receive any payment. After payout you would receive proceeds from gas sales less operating expenses.

The 6.25% would be correct percentage for your example so you pay 6.25% of well cost & expenses and receive 6.25% of the proceeds.

landownerPermalink Reply by milton mcgee on October 22, 2010 at 15:39

Does anyone the status of this well as sonris has been showing waiting on completion for some time?

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