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My wife has recently inherited a one fifth share of non participating mineral rights on 640 acres in Lea County NM. Does anyone know what kind of drilling is going on in that area? It is supposed to be in the Bone Spring formation area, but according to the rest of the family who still lives in the area there are no wells nearby. How widespread is this deposit of oil or natural gas and is it under all of Lea County?
The Leonard Shale or Avalon Shale (also called the upper Bone Springs formation) lies under much of Lea County. According to EOG Resource's most recent investor presentation "Multiple Additional Objectives Underlie Shale" so chances are there is a formation under your property which is prospective for oil land gas. I'm surprised you are not leased yet, or did the owners with executive rights lease already? Here's a link to the investor report: EOG Investor Presentations
The presentations at that page change, but the most recent one should have info on their Leonard Shale activities. They indicate they are going to run a 2 rig program in 2012, increasing to 3 in the 4th quarter. See screen shot from the report, wells in the Leonard Shale are heavy on the liquids, which is good, since natural gas prices are low.
I created a group for the Leonard Shale. You may join there and post your questions, as well as continue to receive updates on the responses to this post. Thanks.