100% Ownership of Oil Wells, Mineral Rights, Land and Prime Timber for Only $675,000! This 335 acre property is located on the Adair/Cumberland County line in Kentucky. Owner is selling it all! The land is occupied by 10 equipped oil wells--all electric!. 5 of these wells have been in operation and are producing approximately 5-6 Barrels Per Day (BPD). The remaining 5 are not in production due to minor needs such as motors, electric switches/timers, which can be easily repaired at a minimal cost. Past and present production records will be from two well known Oil Refineries. Sellers are acquiring all signed documents to release all records from both oil companies. With all 10 wells in production, it is expected to flush 15-20 Barrels Per Day (BPD) and level out to 8-10 Barrels Per Day (BPD). The lease does produce negotiable water, approximately 300-500 BBL per month. The wells were drilled in the 1980’s and thereafter, and do not exceed a depth of 1,800 feet, producing primarily from the Knox formation. However, there is one Murfreesboro well on the property that has produced very well for a long time. It should be treated immediately with 2,000 gallon of 18% acid. (Murfreesboro wells in this area respond very well to treatment. If needed, the Kentucky Geological Survey (KGS) records are available for this lease, upon request. Also included in the sale are two 210-BBL Tanks and three 100-BBL Tanks. The land rights include 335 acres of prime timber, estimated at $1,500.00 per acre at its maturity in approximately 8-10 years. Professional timber people who have looked at this timber, say it is worth $150,000.00 to $200,000.00 at the moment. There is also a 14’x24’ metal building with concrete floor on the property.
It should be noted that several new wells can be drilled on this property. Seller would highly recommend new drilling. This tract of land has unlimited potential. This property is located right in the middle of some big producing oil fields. Call for more details.
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