Stockard lease update form operator on wells, lease status etc.
Yes, I have seen the document regarding interests in the stockard lease and is attached for reference along with the plugging pictures from the texas railroad commission. Your interest was in theses wells and unless I missed something its 1%. Wells 11,10,9,8,7 and 1 are plugged. 5 remains active, however it's not pumping. Its needs to be pulled, which might be a bad pump or hole in the tubing along with saddle berrings for the pump jack. It becomes rather tricky as two leases were combined into the now labeled Stockard lease. So, going forward here's the options.
We can fix it and pump it to a tote tank, gauge it and give a 1% percentage of the oil produced. You would be liable for 1% of everything.
Possibly buy into the lease which will make things easier for both parties involved.
The cost of everything has gone up post covid, meaning it effects everything.
I haven't discussed this with Roman yet either but I believe we can reach an agreement.
As far as production goes, were seeing close to 0.5bpd per well. With the injection well on line, with cleaning and lowering the pump intakes we expect 1bpd per well. The first well we pulled, picture attached, was rather interesting. 4 days to pull a well is what were experiencing at the moment and that's due to many hidden surprises.