Replies to This Discussion

Oil & Gas ProPermalink Reply by Bosco Ritchie on September 21, 2011 at 22:54

thans dbob..I may have gotten some bad info.

Oil & Gas ProPermalink Reply by dbob on September 22, 2011 at 1:37

Bosco - still trying to dig - I do have a eliable report of lots of truck traffic into the area 2-3 weeks ago, just nothing in the last week. there also could have been traffic and they missed it.

Oil & Gas ProPermalink Reply by dbob on September 22, 2011 at 12:15

Bosco, all - Person with a better view confirms Haliburton trucks going to/from the area on a daily basis.  No other news.

Oil & Gas ProPermalink Reply by Bosco Ritchie on October 6, 2011 at 11:55

I see where XTO (Exxon) is taking leases in western trinity county. Does anyone know about this or what they are paying per acre?

Permalink Reply by Jeff Gaston on May 9, 2012 at 11:28

I was recently offered an intitial bid of 250 per acre and 1/8 royalty from txo. Anyone know of better offers from txo, other offers or companies looking for leases here?

Oil & Gas ProPermalink Reply by dbob on May 9, 2012 at 12:53

Jeff - TXO?

How many year term?

Permalink Reply by Jeff Gaston on May 9, 2012 at 20:18

Yes, TXO. 3 year term with 2 year option.

Oil & Gas ProPermalink Reply by dbob on May 10, 2012 at 1:22

Jeff

I'm not involved in leasing, nor do I know current offers in the area.  However, IMHO, the term is too long for such a low royalty and bonus payment.  If they will give a depth clause (say, nothing below 4000') I might be tempted.  However, depending on where you are in the county, you have a good potential for shallow oil (Carrizo/Wilcox) intermediate depth multi-zone (Dexter, Woodbine, Glenrose, Buda) and/or deep Bossier

I'd push for something closer to 20-25% if there isn't a depth clause.  

Permalink Reply by Jeff Gaston on May 10, 2012 at 8:12

yes, I have already decided not to accept the initial offer. I have been speaking with an OG attorney and have a page of addendums to be added to the contract when I counter offer. Also, shopping my rights to other companies in the area. Everyone I talk to tells me TXO offers are the smallest, so I am being patient. And yes, I have been advised not to accept less than 20%.

Permalink Reply by Jeff Gaston on May 10, 2012 at 8:21

I have no plans to accept the initial offer, and have consulted with an OG atty who has added several addendums to their initial proposal. I have also been advised that TXO typically offers much less than other companies in the area, so I am being patient and shopping the mineral rights. And, Yes, I have been advised by my OG attorney to accept no less than 20%. Thanks for your insight.

Oil & Gas ProPermalink Reply by dbob on October 11, 2011 at 7:07

Bosco,

I haven't heard anything on the Leor well in the last several days- do you have anything?

Oil & Gas ProPermalink Reply by dbob on November 1, 2011 at 16:07

Bosco, All

 

Leor filed a well record only with the RCT indicating the well is a shut-in producer.  Completion date is listed as 9/27/2011

http://webapps.rrc.state.tx.us/CMPL/publicSearchAction.do?formData....

 

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