Hello everyone - I'm new to this thing!
My brother and I inherited mineral rights in Grady County from my mother. Looks like this is SW of Rush Springs, Mom was from Sterling. She inherited her share in the late '70s and I don't recall anything ever coming from it.
Yesterday I received a lease agreement from Marathon via Schonwald Land:
Southern Hills Prospect #042-13
$400/acre plus paid up rentals of $2/NMA
3/16ths royalty on production
3 year primary term with 2 year option to renew
I'm very interested to hear what types of offers others have been seeing in the area, as well as any reports of activity. And any/all advice is welcome!
Thanks - looking forward to learning about all this!
Michael
Michael, I've done leases with Schonwald before and not a problem, but the last one-they lied to me and misrepresented something before I signed it. I caught it and leased with another company for much more anyway. One lie is enough, no more. Not familiar with your area, but many will be.
Marathon is leasing heavily in section 18, but they have not filed anything at the OCC that indicates they are going to drill. It was mine I would hold off and see what happens. There is no new drilling activity in any section surrounding this one. What is the $2/NMA supposed to be paying for?
Thanks for the replies!
My uncle & aunt have a couple of leases in 18 & 19... he worked for Halliburton years ago so I figured he had a pretty good idea how things work. Waiting to hear from them.
Darla - yes, maybe best to wait. The $2/acre is "paid up rental" not sure what that's all about.
Michael
Hi - 2.5 years into my lease with Marathon...
Anybody hear of any operations in this section of Grady?
Thanks - Michael