Dan,
I wouldn't go that far (yet!) he he
They hit TD (total depth) around 3:00 am and the log truck was on location when I woke this morning. I stopped up on my way to work and jumped in the Log truck (no not for trees!!)
For those that don't know, when they "log" a well they run seismic tools down the hole to record a number of things from periosity, permiability, temperature, hole size, etc... All those different types of measurement tell you if you're in sandstone, golamite, shale, if there's gas, oil or water, etc. Basically it tells you where the "pay zones" or formations are and where to Frac (fracture). My well is an open hole, so they'll be notching and fracing it in about a month.
Funny thing is, I work for a competitor gas/oil company, know how to read a log and everything about the drilling, completion and production of a gas/oil well. One of the owner's of the production company that's drilling my property was in the log truck. Very nice fellow and we chatted for about a half hr, then he even had them print a log for my own records! That about floored me. Quite the gesture, but basically he gave me a picture of my well underground so I know how good it's going to be. The average Joe would just see some squigley lines on a piece of paper. I guess I was suprised since it's always something that most companies keep to themselves. They pay for it, and keep what they know underground a secret.
Anyhow, I have about 5 different formations that have gas or oil in them. They aren't what I'd call great formations, but for my area he told me it's one of the best logs he's seen. Hey, she'll have plenty of gas to feed my house for the next 20 years and bring in a free check each month. Not expecting much from royalties, but even $100 is $100 I didn't have. Some wells we drill bring land owners over $3K or more a month in just 12.5%.
It's a good time to have a gas or oil well on my property at today's rates. If I do get some royalties off of it, I guess I can't complain about the price of gas at the pump. Not when I'm making money off the crude. That'd be a bit hypocritical eh?