oil boom fueling fortunes in kansas

by:kingtool aluminium machinery     2020-04-18
Fred Hambright has seen a lot in the oil industry for more than 60 years, but there is nothing to prepare him for the craze sweeping across the Kansas prairie.
83-since 1951-year-
Old Landman in Kansas lives by buying a lease for an oil rig.
Six months ago, Hambright said he bought the lease for $15 to $20 per acre.
These prices have now soared to thousands of dollars.
Watch World News at 6: 30 tonight, then watch the night line at 11: 35 for the full story.
\"All of a sudden, a quiet, conservative Kansas State was invaded by horizontal drilling workers,\" Hambright said . \".
\"Some people are really successful.
We see a rent of up to $1,700 per acre.
Hambright said that the biggest check he has written so far is $900,000, but other landworkers in the state have spent millions of dollars to secure drilling rights.
Mississippi Lime Group in Kansas is the latest source of goldrush-
The fashion oil boom sweeping AmericaS.
New technologies are turning land that was once thought to be drained of oil and gas into huge untapped reserves that can be produced for more than 100 years.
See pictures of the oil boom in Kansas.
From Pennsylvania to North Dakota to Texas, horizontal drilling and fracking are rapidly changing the economy in the United States. S.
Become an oil superpower
It is estimated that there are currently 2 trillion barrels of oil waiting for drilling-
The Middle East and North Africa are almost double their reserves here.
The new technology can produce 10 times more oil than conventional wells.
The principle of horizontal drilling is to dig 5,000 feet underground and then dig a mile in several directions.
Using fracking, also known as \"fracking,\" the staff then squirts sand, water and chemicals into the rock to mine more oil and gas.
Goldman Sachs predicts that due to these new processes, the United States will be in just five years. S.
As the world\'s largest oil producer, it could overtake Saudi Arabia and Russia.
Finally, decades
Old dream, every American is talking aboutS.
The president after Nixon seems likely-
Energy independence.
Independence will bring great prosperity in Kansas. -
Thousands of jobs will be paid $50,000 a year, taxes will flood into the state, and local governments and landowners will receive huge spending. -
First pass the lease agreement and then pass the high royalty check if oil is found.
Landman Kenny Hooper spent most of the afternoon at the local court in southern Kansas, searching for Scribbled handwritten records on the books.
This is still the only way to track mine ownership of thousands of acres of farmland mainly covered by wheat fields.
When he was not in court, Hoop drove to the back of Kansas to meet with the landowners who had not yet signed the lease for a new horizontal well.
Knocking on the iron ring means instant wealth, even before any drilling starts.
\"Depending on the area of the land they own, the bonus is given overnight to these landowners, miners, millionaires,\" said Hoop . \".
The land is so competitive that there is no time to waste.
Hoop took his heavy electric typewriter with him so he could write down the lease and sign it on the spot.
Kansas oil: the new Gold RushKarl Willey signed one of the leases on hundreds of acres of wheat fields, earning more than $2 million.
He was one of the first wells in Sumner County, Kansas.
It has brought in a lot of royalty checks.
He showed off the latest products for over $20,000.
When he pointed out the meter, Willie was smiling and tracking oil and gas for the retired 70-year-old.
Farmers Alan and Debbie Francis struggled for 20 years on Anthony\'s land in Kansas.
But the rental of the property that they own here along the border with Homer has brought them new millionaires.
Their farm is small and there is little sign of new wealth.
They used the rental money to buy new farm equipment, RV and house in town for their daughter.
The couple said they and their neighbors have also received large sums of money, and they have been using new wealth to protect themselves.
\"As for people buying things like big yachts, I really haven\'t heard of anyone,\" says Alan Francis . \".
Even though the new tractor they bought for $174,000 is about the same as the new Ferrari.
\"I \'d rather have a tractor,\" Alan Francis said with a smile . \".
Debbie Francis says once drilling a horizontal well on their property, the land can produce up to $500,000 in oil and gas each month.
But France insists money will not change them.
\"I will continue farming,\" said Alan Francis . \".
\"I will not resign.
All I know is agriculture.
\"On Anthony\'s main street, the town began to show signs of prosperity.
The hotel parking lot is packed every night with muddy trucks from drilling workers, renting-
Bedroom apartments have soared to $1,500 from several hundred dollars a month.
Prairieland Partners, a John Deere tractor dealer, is the closest place to luxury cars in the town.
General Manager Pat Myers said that last year, dealers sold 8 to 10 more large tractors than in the past few years.
Most farmers pay cash for these big machines, and the cost per machine is between $225,000 and $350,000, Miles said.
\"Many of the farmers I touch every day are our customers who have been in contact for 20 years.
\"Some of them wanted to have new tractors for a long time, but they couldn\'t afford them,\" Miles said . \".
\"It\'s nice to see these guys do this after struggling so long.
\"Susan Croft\'s family has planted 3,000 acres of land in Harper County, which has been around for more than 50 years.
Shell has just begun drilling the first of several wells on the family\'s land.
Croft often visited the site, eagerly waiting for Shell to find oil.
Royalty Check will increase the millions of dollars her family has already earned.
Croft used the money to help her church and local hospitals, and she also traveled the world.
She says she faces some difficulties when she tells someone where she comes from.
\"I\'m the only one from Kansas and when people find out about it they have a little sympathy for me.
As if they were sorry I had to stay here, \"Croft said.
\"I would love to tell them about tornadoes and hot weather, so everyone doesn\'t want to come to our state,\" she said with a smile . \".
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