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New Mexico Message Board

Chaves section 28

  • 03/12/2012 1:08 PM
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    Message # 856364
    Anonymous
    I am looking for information on Chaves county in New Mexico I have a lease coming up for lease in May. This is Sec 28.
  • 03/13/2012 8:13 AM
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    Reply # 857364 on 856364
    Anonymous
    What township & range?
  • 03/14/2012 9:58 PM
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    Reply # 859199 on 856364
    Anonymous
    Township 15 South, Range 31 East, Sec 28: S/2
  • 03/15/2012 8:31 AM
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    Reply # 859659 on 856364
    Anonymous
    There are two November, 2011 leases covering the S/2 of Sec 28 to Ross Duncan Properties at $660 per net acre, a 21% royalty, a 3 year primary lease term with and option for another 2 years at $660.00 per net acre.  The October 2011 BLM Lease Sale shows leasing in Sec 23 & 26, Twp 15S, Rge 29E at $500 per net acre.  if your property were further South in Lea County, the bonus would run from $2,800 to $7,000 per net acre.
  • 03/19/2012 5:14 PM
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    Reply # 863403 on 856364
    Anonymous
    Thank you I do have questions
    Looks like that is the same tract that you are saying Ross Duncan has leased in November which would be others who have interest, he is the one or his land man has made an offer  but I have asked and have been made an higher royalty.
    This lease dose not expire from the the present lessee until May 15. I am surprised to see that he did contacts to leased in November. Why would he go for this tract so early?
    You also mentioned the BLM lease close by do you know who leased this?  Also where are you find your information.
    Thanks
  • 03/30/2012 2:01 PM
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    Reply # 872701 on 856364
    Anonymous

    Someone who wants to release may wait a while but if you are going to "top lease" someone elses lease near the end of the term you are making a bet that the existing lease will expire. If they know for a fact or near fact that a company will not or is not likley to exercise its options within the lease or to drill, then a new party may take the chance that it won't get drilled before May.

    Since applications have to be made early enough to get permits, time is running out for leases that are due to expire in May.

     

    Some companies have anti-top lease provisions in their original documents and I would not sign those.
  • 06/25/2012 12:52 PM
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    Reply # 982219 on 856364
    Anonymous
    Section 28 T 15 R 31East  s/2
    The story now is Ross Duncan backed out of the lease.
    We are hearing the 60 acres my aunt sold has been bought by an investor in the oil business and is going to drill.
    How do I look who bought her 60 acres and can a person with 60 acres interest of 360 acres drill without a lease and without contacting the others with interest? Her name was Bette Taylor Garner.

 
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