I was recently offered a 3-year lease by Capstone Land on my inherited mineral rights in this area. I've been perusing this site, trying to garner knowledge on how to proceed.
At this point I need to find any and all pertinent leasing and royalty rates being offered by any companies operating in the area. The other heirs are in Canada and are leaving it up to me to research how best to proceed.
As I understand it, there are certain clauses I should ask to be included in the lease, but I haven't been able to make much sense of it.
Capstone has offered $150 signing and 3/16 royalty. How do I find out the average for this area? Are there other companies I should contact, as well? I have so many questions and not one shred of background knowledge. Any help would be greatly appreciated.
Call Land Services. Their number is 405-485-3800, and talk to Ian. If they are leasing in that area. They offered 3/16 and 450 on lease I just did with preferable clauses. I actually have 1/2 acre at that location. There is a well proposal, and that location IS getting drilled shortly. You may be better off getting pooled, but you need to ask somebody that knows for sure, and there may be a time factor on this right now. You may get a lot more than 450, if you get pooled . Find out before you sign. I signed a lease with Scott Heller Oil for 1/5 and 0 bonus since I had such a small share. If you have many acres , you will likely want the big bonus money.
Thank you for your information and suggestions. I just spoke to Ian. They are not leasing in 02W at this time, but he was extremely helpful in heading me in the right direction. I appreciate your quick response.
C Taylor said:
Joe S. said:
Call Land Services. Their number is 405-485-3800, and talk to Ian. If they are leasing in that area. They offered 3/16 and 450 on lease I just did with preferable clauses. I actually have 1/2 acre at that location. There is a well proposal, and that location IS getting drilled shortly. You may be better off getting pooled, but you need to ask somebody that knows for sure, and there may be a time factor on this right now. You may get a lot more than 450, if you get pooled . Find out before you sign. I signed a lease with Scott Heller Oil for 1/5 and 0 bonus since I had such a small share. If you have many acres , you will likely want the big bonus money.
I have drilled 8 wells within a mile of that section, and have one coming up later this fall and there will be a horizontal well driled 1 mile North of your location later this year as well. In all I have been a part of more than 45 wells in MCClain county and will have a rig running through next year some time.
I can give you some detailed information on that land specifically and the county as a whole if you would like.
303-829-1956
PS I would not lease at this point, values could be on the rise depending on the results of the horizontal well to the north of you in section 17.
I have drilled 8 wells within a mile of that section, and have one coming up later this fall and there will be a horizontal well driled 1 mile North of your location later this year as well. In all I have been a part of more than 45 wells in MCClain county and will have a rig running through next year some time.
I can give you some detailed information on that land specifically and the county as a whole if you would like.
303-829-1956
PS I would not lease at this point, values could be on the rise depending on the results of the horizontal well to the north of you in section 17.