Vernon Parish Leasing Offer
I recently received an oil/gas lease offer of $300 per acre, 18.75% royalty, five-year primary term with a two-year extension for $300 per acre from Cypress Energy Corporation. Is five years too long for the primary term? Anybody have any other thoughts about the competitiveness of the offer? This is all new to me. Our land is near intersection of LA Hwy. 392 and LA Hwy. 111 where Tidbits & Tackle grocery store is located. I know a couple of other nearby landowners have also received offers. As a side note, this intersection is about three miles east of the new Continental Resources well - North Haddens Field.
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Replies to This Discussion
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Permalink Reply by Skip Peel - Mineral Consultant on -
Thanks. Some of us are abbreviation challenged. ;-) The well permit is now online. It is a Wilcox well.
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Permalink Reply by Roger Boehme on
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Last week I received a notice from Cypress Energy that they are withdrawing their offer to lease our property. They stated they are suspending leasing efforts at this time for the subject area which supposedly covered Vernon and/or Sabine Parishes. Since mid-January my attorney received little to no response from Cypress to finalize a lease except, they wanted to take another look at geologic data.
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Permalink Reply by Rock Man on
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Interesting response from Cypress but not surprising. Companies are always looking to improve their subsurface and economic models based on continual analyses to find the "best sweet spots" for leasing and drilling
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