Tuesday, October 21, 2008

The Hammer Falls

It seems that some companies just don't want to pony up the big bucks for leases anymore.

Fort Worth Star-Telegram

17 comments:

Anonymous said...

Whats the difference in Barnett Shale Gas Rates vs Bakken Shale Gas Rates per well.

wes said...

I guess the cost of drilling,, but I cant see they pay 50.00-$250.00 acre in ND. and $26,000 down there,, that says to me bigger bucks for them, I wonder what is the percentage of there well pays the mineral owner,, key question

david said...

Were I an oil or gas company,I would be buying leases on the cheap right now,much as EOG did in the Bakkenin 2004-05, opsitioning myself for the next rebound in oil and gas prices.

Anonymous said...

HELP! We have a well in Mountrail Co. that started producing in late March for EOG. The well is still producing, but we have not heard a thing on it. I called EOG today and they said we might not receive any payment on it till December as they are still waiting for the title opinion.

What rights do I have to getting more information out of them on why it is taking so long to pay on this well and why they do not have the title opinion done yet?

How do I find out what it is producing or any other information on it? I am a mineral owner.

This well came off the confidential list in Sept. I think it was. Any help is better then what we know now.

PS we have enjoyed all the information off your web sites. Keep up the great job.

M

Anonymous said...

You have to join
Bakken Discussions Group.
The link is to your right and ask your questions there. You"ll have to know the Township and Section the well is in to get any further information.

Anonymous said...

these title opinions can take awhile and as far as i know there isnt much you can do about it.

in some states, the distributor of revenue can hold revenues in dispute in escrow and distribute the remainder until the title is settled. it sounds to me that eog just doesnt want to do that.

but on the other hand, i suppose you could go to court and force them to comply with the terms of your lease. this would be a time consuming process, i doubt it is worth it to do so, if your minerals are ligitimate, you will be paid eventually.

Anonymous said...

If the Oil co. has not
received any revenues from the oil purchaser for oil that has been
produced thus far with your
well. It is going to take us about a month to calculate everyone's
Working Interest, Royalty Interests and Overriding Royalty Interests.
Once interests for everyone have been calculated, the Oil co. will send out
Division Orders for everyone to sign. Those Division Orders will set
forth your interest. Once we get the signed Division Orders back,
the Oil co. will cut checks for the revenue unless our attorney believes
there is a title problem with your interest in which case the Oil co.will
place your revenues in suspense until the title issue is cleared up.
Once we finally get your first check paid, you will receive a check
monthly from then on. It just takes some time to get the first checks
out.

Anonymous said...

Is there an offical notice sent to the mineral owner by the oil company at time of start drilling or is the Division Order the first notice? Am aware of the ND oil & gas website postings but being out of state was curious if anything from oil company.Thanks for any info.

david said...

Generally, mineral owners on a spacing are not given notice when drilling starts and the division order may be the first you hear.

Anonymous said...

I noticed that Marathon is drilling two wells side by side on 1280 acre spacings in Dunn County. I know Teguee talked about this last year but I have not seen any other comments or postings as to how this is working. Obviously, it must be ok but does anyone know or can speculate how much better it is then a single lateral?

Teegue said...

Marathon drilled a couple wells where they did a simul-frac, or in other words, where they frac'ed both wells at the same time. That doesn't appear to have much of a difference.

These wells they are drilling now are infill wells, or two wells on a 1280, instead of one. Nothing special about them. I'm not aware that they are doing any special completions on them that wouldn't be done if only one well was in the unit.

Anonymous said...

If there are 10 families having mineral rights on a section and the title opinion is showing an issue with one families mineral rights will the oil company hold up the other nine families checks as well as the family where there is a problem?

Bruce Oksol said...

In addition to royalty payments being delayed by title opinion, the bankruptcy of SEM was said to have resulted in delays of payment. I don't know what the status of that bankruptcy is any more.

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