A few members of my family and I.jave bern recently approached by Lowry yo lease this land for $400 an acre for.3 yrs and 3/16 royalty. We are all new and unaware of everything pertaining to oil, gas,.etc… the area is E2 NE/4 Section 19 township 18N range 06W
Hold off. They approached me for the same and told them no. Now they are coming back at 550 per acrea.
Unless you have an immediate need for the cash, my suggestion would be to wait until someone actually wants to drill a well which would probably be indicated by your receipt of a "Pooling Notice" . My recent experience with mineral interests I have to the east of your location is that various operators file for spacing sufficient to drill a horizontal well with the OK Corporation Commission and pool the area. To maximize my value I like to go at least as far as the pooling application prior to accepting a lease offer. Do not be afraid of "forced pooling"! I took a fast look at the area and noted that there have been 10 wells in your section with 2 wells still active and operated by Chesapeake probably producing small quantities of oil to retain their lease. This is indicative that that there is oil still remaining in your location. A minimum of $750/acre with 3/16 is not an unreasonable expectation. A useful website recently provided to me by M Barnes at: https://www4.oktax.onenet.net/GrossProduction/PublicSearchPUNbyLegal.php will provide you a lot of info using the legal description of your prop. Good Luck!
Here is what they were ordered to pay in a pooling close to you .
http://imaging.occeweb.com/AP/Orders/occ5034866.pdf
There are several more poolings pending around you and they have started the paper work for a well in your 19. I also found some leases that they gave 1/5 & 1/4 royalty which should show up in pending poolings. If you sign a lease and don't wait for the pooling there will be somethings you will need to take out and some things you will need to add. I think I would see what they offer in the pending poolings before I did anything.
None of us knew what was going on, my great grand parents had the land and we didn’t even havr a clue. We were excited and taken aback we signed the lease. Now I wish we should have waited and researched more. What is pooling? Is it too late? And does everyone( all heirs) have to agree?
Michelle said:
None of us knew what was going on, my great grand parents had the land and we didn't even havr a clue. We were excited and taken aback we signed the lease. Now I wish we should have waited and researched more. What is pooling? Is it too late? And does everyone( all heirs) have to agree?
If you have signed the lease -- you have probably let the horse out of the barn!
Michelle said:
None of us knew what was going on, my great grand parents had the land and we didn't even havr a clue. We were excited and taken aback we signed the lease. Now I wish we should have waited and researched more. What is pooling? Is it too late? And does everyone( all heirs) have to agree?
What about the past orders that were posted here? Too late for that too? Considering we were never approached with that.
If your parcel was involved, you or the estate if known would have been contacted. The OK Corp Comm obligates the pooling applicant to seek out all owners of a particular parcel. If the pooling happens next door, you will not be contacted.
Michelle said:
What about the past orders that were posted here? Too late for that too? Considering we were never approached with that.
So we just got word today that the land was sold in 1990. Then how in the world did they come about this land and my family. I guess I need to contact yhe county clerks office to see who.really owns this land?