Ponca City, OK

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Companies pay more than $1 million to drill on Oklahoma land

The Associated Press and The Oklahoman - June 21, 2017 11:26 am

OKLAHOMA CITY (AP) – Two oil and gas companies have each paid more than $1 million for the right to drill on state-owned land in Oklahoma, the highest payouts for the state since at least 2011.

The Oklahoman  reports that Paloma Partners IV, an operation by Houston-based Paloma Resources, has spent a total of more than $1.1 million to gain mineral rights in Kingfisher County, northwest of Oklahoma City.

Another company won 40 acres of drilling rights in Garvin County at more than $13,000 an acre in February. And Tulsa-based Armor Energy LLC paid about $6,500 per acre in May.

Oklahoma made $22.5 million in 2016 by selling drilling rights, which doesn’t include production royalty payments. Drillers paid the state $83 million for leases in 2011.

 

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