UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Next Thread
Author: boqueto One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 2894  
Subject: Oil Wells Date: 4/30/2012 7:25 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I live in Oklahoma and they have been drilling for oil all over our county. Two years ago they drilled a well on my mothers farm land and now they want to drill two more. What gets to me is that they only want to pay $1850 per acre for damages. The land will be useless and she will still have to pay property taxes every year. The land will not be sellable because who wants to buy land with an oil pumper and no mineral rights. The land across from her is selling for $24,900 for 2.25 acres and people are starting to build. Has anyone had any experience with this and have any advice for us. Thanks!

Boqueto
Print the post Back To Top
Author: gdett2 Big red star, 1000 posts Old School Fool Ticker Guide Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 2846 of 2894
Subject: Re: Oil Wells Date: 5/10/2012 2:28 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
boqueto,

I guess it depends on how large the property is and where the drilling will be. If it is undeveloped land, you have fewer options but should be able to influence the placement of power lines, flow lines, tank batteries, roads, etc. In most states, the minerals rights take precedent over surface rights but most drillers will work with land owners.

Here in west Texas, we have a pump jack or two. There are many fields and pastures with them and they grow crops and graze around them. There are also over 2,200 wind turbines in the area.

I have 4 capped wells in one of my fields. After I harvest, I put an 8 foot T-post at the one that is too shallow (8 inches below the surface) so I don't break a disc or a sweep on it plowing. When I plant, I drive up to the post, stop, pull the post and carefully walk the drill over the cap and forget about it until harvest is done.

Gene

Print the post Back To Top
Author: boqueto One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 2848 of 2894
Subject: Re: Oil Wells Date: 5/16/2012 1:10 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Gene,

Thank you for your reply. I am still working with them. The land in question is undeveloped and totals 150 acres. They have a mediator that is working with us. I have asked for $5,000 per acre which is what a friend of mine recently received. They are talking about increasing the percentage she will receive for the oil and gas instead of paying as much in damages. Guess we will see what happens...

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Next Thread
Advertisement