Real PETE

Unsuccessful summit attempt due to weather. Next year! Mt Baker

The verdict is… $100 oil > morning sex

@OilCoIntern U sunuvabitch ur hired

@RealPETE2020 Happy to take a look. I’m so good at my job that if you give me $10MM I can turn it into $5MM with speed and efficiency. That’s in ANY onshore basin, too.

Can you 1031 a WBO mineral / royalty interest?

@OilCoIntern I should send you my entire well list when my Landman finishes it lol

As suspected. No additional wells will ever be drilled there, from the north or from the south, unless the permitting rules get an overhaul. Spoiler: they won’t. Keeping other formations at this time is valued at zero, unfortunately. You can either 1031 out of the mineral interest (no one would bat an eye at you keeping the other formations since the value is near zero) or ride the lightning. I’d ride the lightning. Once things get settled and your interest goes up 7X you’ll be cruisin’. Those wells are cheap to maintain so you won’t get hit with too big of PP JIBs.

@RealPETE2020 Hmmm, coin toss. If it’s the County Lines (lol) then it’s close. Anything around Lochbuie is good right around development. Sell for the right price if you have something else to buy. Or sell to me for less than the right price 🙏

@OilCoIntern Would need to pull out DI, but it’s county line wells. Pad in weld, wellbore into Adams.

Is there any way you can find out how hedged JAPEX’s production is? If unhedged, might want to keep it? This is actual advice: if the entirety of the surface pad is 2,000+ feet away from a building unit (check the Form 2A), keep the interest no matter what. If not, 1031 would be acceptable.

We must stop the bullying on this platform ! @ShaleTier7

@theshaletruth I don’t. I’d like to sell the WBO and 1031. Sell the juice, keep the upside potential.

@RealPETE2020 You all making my head hurt. How do you have a wbo mi?

@OilCoIntern Haha I’m just about to have all my debt paid off!

@RealPETE2020 So you’re about to be rich?

@OilCoIntern Already reached payout. Funds in suspense, still waiting to record deeds. Got these thru settlement of a judgement.

Yes, CO is a stat (forced) pooling state. You can look up the stat pooling order in the Weld County records if you’re interested. (Top tier county records in Weld.) You are receiving royalties right now, correct? CO has a stat pool royalty interest before payout. Make sure to value it accurately. The penalty you’re under (for most of the D&C) is 200%. Verdad’s area isn’t too shabby, and depending on their hedging in this price environment, it might not take all that long to reach payout. Once it does, your 12.5%-16% (depending) stat royalty will obviously jump back up to 100% MI.

@OilCoIntern Weld county CO. Minerals. Previous owner never signed lease so it was pooled I think?

@RealPETE2020 What is your interest type? Leased mineral interest I would guess? Which State/County is it in?

@OilCoIntern I’ve got a fully developed unit operated by Verdad, would be ideal to sell the developed depths or WBO, retaining the other depths and 1031 into something else.

I don’t believe so. If you had a RI or MI interest in the lands, then yes. But a WBO royalty interest, would not qualify as a 1031 asset. Technically, a WBO mineral interest does not exist. The way the WBO royalty interest would be created is to sell the mineral or royalty rights but retain WBO interest. Either that with taken would result in a WBO royalty (not WBO MI).

@o_gdaddy I prefer the opinion of drunk landbros on Twitter

@RealPETE2020 I’ve called my intermediary to ask similar questions. I bet you can.

The bank just repo’d my left testicle

@FracSlap Met them in DC during the inauguration. Will is a great dude, killing it.

This is really sick. Firehawk does a lot of their testing in Midland, Texas

@Tejanobrown Done it twice by renting the aerator machine before an overseed, but that machine is big af and quite the headache. Never done it manually

@RealPETE2020 I do every year manually. Quite a bit actually

Just realized market is closed today Now I must go touch grass

@Tejanobrown I don’t know if I’ll aerate this year or not

@RealPETE2020 Don’t forget to aerate and pour a 40 out for the homies

@Tejanobrown Cleaned my lawn, mowed & fertilized this week. Slowly picking away at it each day after work. Need to re-do some of my irrigation and my flower beds are in disarray.

@RealPETE2020 Yeah me too 🇲🇽

@Tejanobrown I love doing yardwork

@RealPETE2020 Congrats on becoming Messican