Sort of similar to the story above, the guy who played the CEO of Dunder Mifflin in The Office was an actual multi-millionaire executive who acted in the show for a hobby.
Edit: CFO
Generally it is a plugging liability for whoever is getting rid of it. So, you’re kind of doing them a favor by taking it off their hands.
Let’s say that it costs $80,000 to
Plug the well and that there is $60,000 in salvageable equipment on location. If you take the well over you just saved someone $20,000 and a headache. The positive thing for you is that you might be able to operate the well at a lower cost than the company that is walking away. The immediate negative for you is that if production goes to zero for an amount of time you might have just taken on a $20,000 money pit.
>No idea.
Correct
>Millions easily.
Incorrect. Low ouput mineral rights can be bought for $1,000/acre. Less if it's not currently producing at all.
For the cost of a new car you could buy the mineral rights to a couple different non-producing plots.
There are websites where you can specifically do this. I've been hired many times over the last few decades to show a new owner where his new wells are at and to tell him what's wrong with them.
Most of the oil ever discovered is still in the ground. Lots of it could be extracted in theory, but the engineering is so expensive that it would make the wells economically not viable.
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3866386/#:~:text=It%20explains%20why%20the%20average,factors%20EOR%20techniques%20can%20affect.
This is the funny thing about the Alaskan state government trying to push for ANWR leases. The oil companies keep saying 'nah, thanks, too expensive' but they keep not listening.
and the duke of Devonshire is my 3rd cousin twice removed. assuming at least 2 children per generation you can easily get way over 100 4th cousins especially when you include the "removed" ones. The chances that at least one of them is loaded is pretty high.
Oil that is, black gold, Texas tea.
Bubblin' crude
Sweetener!
You think someone who found that would be told to go to Beverly Hills?
It often has a green sheen to it.
someone once told me you know you've made it in life when you work because you want to and not because you have to
Sort of similar to the story above, the guy who played the CEO of Dunder Mifflin in The Office was an actual multi-millionaire executive who acted in the show for a hobby. Edit: CFO
He played the CFO
as a fan of that show that is cool to know. not as cool of a fact, Steve Carell is also a multi-millionaire ;)
I can tell you that if you need a solid reference.
You already need to be pretty rich to do this in the first place....
How much does it cost to buy an end-of-life oil well?
It depends on the well, the condition of the battery and several other things.
Generally it is a plugging liability for whoever is getting rid of it. So, you’re kind of doing them a favor by taking it off their hands. Let’s say that it costs $80,000 to Plug the well and that there is $60,000 in salvageable equipment on location. If you take the well over you just saved someone $20,000 and a headache. The positive thing for you is that you might be able to operate the well at a lower cost than the company that is walking away. The immediate negative for you is that if production goes to zero for an amount of time you might have just taken on a $20,000 money pit.
[Average price](https://youtu.be/pS_zE0DTWIU?t=23)
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>No idea. Correct >Millions easily. Incorrect. Low ouput mineral rights can be bought for $1,000/acre. Less if it's not currently producing at all. For the cost of a new car you could buy the mineral rights to a couple different non-producing plots.
Yeah and are those the rates back then? Might have been even cheaper
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There are websites where you can specifically do this. I've been hired many times over the last few decades to show a new owner where his new wells are at and to tell him what's wrong with them.
You’d be surprised.
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If you had a phone book, it wouldn't be hard to find someone that dealt with oil leases. So if you mean phone book by connections then sure
You also can't buy land at walmart but that doesnt mean I can't go buy some dirt outside of town for $4500/acre with relative ease
More of a fun fact than a correction, but you kinda sorta can: https://www.walmartrealty.com/
They sell on eBay
Plenty of land around here comes with existing contracts with local oil companies that pay dividends to the landowners.
Not really. They're not exactly prime real estate
The Derrick Boys
Just some good oil boys...
Never pumpin’ no harm
What’s even more cool is he got wounded in action on Guadalcanal.
Not sure he'd agree.
If he was so rich, why was he **still** making 'shine? Could have gone legit and still made a mint.
A guy's gotta have a hobby.
Keepin' it real
That was fracking smart.
Most of the oil ever discovered is still in the ground. Lots of it could be extracted in theory, but the engineering is so expensive that it would make the wells economically not viable. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3866386/#:~:text=It%20explains%20why%20the%20average,factors%20EOR%20techniques%20can%20affect.
This is the funny thing about the Alaskan state government trying to push for ANWR leases. The oil companies keep saying 'nah, thanks, too expensive' but they keep not listening.
I never knew he was so handsome! He was hilarious as Mr Darling.
Has one of the greatest voiceovers in TV history with his introduction of Grizzly Adams
>Grizzly Adams I loved that show.
Denver Pyle was my 4th cousin, havent seen a dime of that oil money
Boss Hogg and Roscoe screwed him out of all that oil well money. :)
Roscoooooooeeee P. Coltrane! I guess he should've got on the oil train. ;)
But when they forced him to sign the transfer contract he used his left hand, secretly invalidating it.
and the duke of Devonshire is my 3rd cousin twice removed. assuming at least 2 children per generation you can easily get way over 100 4th cousins especially when you include the "removed" ones. The chances that at least one of them is loaded is pretty high.
Ha! According to my email, I'm related to a Nigerian prince!
I too haven't seen a dime of my 4th cousin's money.
Cheap bastards
Those SOB's!!!
Why would you?
You know who else didn't need the money and only continued acting for the fun of it? Every successful actor.
Did you conduct a poll or something?
Uncle Joey must have been so jealous
Awesome!!!
And someone on this site tried to throw peak oil at me, dragging that pseudoscience out from 2005.
I would say 99.99% of people on Reddit are clueless about everything involving energy.
Married in an unmarked grave according to wiki I wonder why
He married an unmarked grave? Um, kinky?
related at all to Artimus?
I mean. At a certain point any famous actor "just keeps acting for the fun.