Dream come true

Posted by: mojo_jojo

Dream come true - 04/03/08 01:48 AM

Now we just need an oil derrick on every street corner and windmills on every home. <br><br>
Posted by: Shooshie

Re: Dream come true - 04/03/08 03:00 AM

Heck, we're still sitting on untapped fields in Oklahoma. There's so much oil under our ranch that it could put the Saudi's out of business. (well, not really... but it's an amazing amount) I've tried to figure out why the companies that have drilled there are not pumping it. I guess they are waiting for the price of oil to reach a certain point. Meanwhile, they sustain their leases by way of unlimited natural gas. Our house up there gets free well-gas. I may have to convert our vehicles to natural gas burners, since fuel would essentially be free. Looks like it's about time to start pumping that oil, though. Watch the business news and take note if you start seeing fields along the Chisholm Trail becoming more profitable. I think it will begin to happen now that the price has broken $100. Most of these wells were drilled when the price was under $30/barrel. Though they struck vast oil reserves, they shut in everything but the natural gas. Even though these are the same surface fields that have made history since the 1930's, I'm talking about new depths that place these at a whole different level. Not the same reserves that were depleted in the 1930's through 1950s, and again in the 1970's-80's. <br><br>Not to distract from these new fields in the Dakotas. That sounds promising. Meanwhile, with so many oil fields to choose from, I can hear the tundras sizzling in the summer sun. We march toward global warming unabated by catastrophes and prices. <br><br><br>Shooshie<br><br><br><br><br><br>[color:green]Pictures and things</font color=green>
Posted by: DLC

Re: Dream come true - 04/03/08 10:17 AM

My brother's subdivision in Arlington TX got a windfall. They're sitting over a big pocket of Natural gas and their lot deeds contained mineral rights... so they all get a $1000 initial payment and residuals which will be between $1000-2000 per year for access. They're putting in one well on a vacant area near Matlock drive.<br>How's that ??<br><br>and NO my brother's name isn't Jed Clampett !! <br><br>David (OFI)
Posted by: Shooshie

Re: Dream come true - 04/03/08 11:37 AM

We have a friend in that development (or one like it). She was bragging the other day about being in the natural gas business. Pretty neat little deal, but they'd all better be ready to do the taxes, and to figure out how those 1094 forms work for oil and gas. <br><br>Shooshie<br><br><br><br><br><br>[color:green]Pictures and things</font color=green>
Posted by: DLC

Re: Dream come true - 04/03/08 12:37 PM

Well taxes on the $1000-2000 shouldn't be too much.<br>Is that form in Turbo Tax ?<br><br><br>or do you have to purchase the Millionaire's Edition upgrade ? <br><br>David (OFI)
Posted by: Shooshie

Re: Dream come true - 04/03/08 01:02 PM

I think I meant 1099, not 1094. Yeah, those are in all the tax software packages. But there are probably a dozen others related to oil & gas. I doubt that a small royalty holder would have to do more than report extra income as with a 1099. The other stuff is for the big-time oil & gas tax dodgers. I was not able to do that stuff on my own when I was having to do oil taxes up to about a decade ago, but I tried. Finally gave up and got an accountant. I don't have any personal oil holdings now, having sold off the last of my oil well interests in about 1996, so I don't know how the taxes are anymore. I'm sure I'll have to again someday, but for now I've got my stuff pretty simplified. Takes me about an hour to do my taxes.<br><br><br>Shooshie<br><br><br><br><br><br>[color:green]Pictures and things</font color=green>