My sisters and I inherited mineral rights in Creek County OK. We have been contacted by an independent land man to lease our mineral rights. How do we know if he or his offer is legit? I was talking with an attorney about another matter and he gave me a general guideline about going lease rates, however being completely new I don’t even know where to start.
Any suggestions will be greatly appreciated.
Thank you,
CJ4954
@CJ4954, a brief consultation with an Oklahoma Oil and Gas attorney shouldn’t be too costly and will get you going in the right direction. You might also want to see if you can find the ‘Look Before you Lease’ booklet by Jim Stafford on the NARO-us.org site and check out the other information for new mineral owners available there. Make sure the ownership documents are in the name of you and your sisters and that you have copies of them and all related documents.
Even though the lease document is a lot of small print, every paragraph and sentence is there for a reason, so it is worth taking some time to understand what each item on the lease means and how it might affect you.
Those are just a few ideas, but also welcome to the world of mineral owners and I hope you can enjoy all that goes with it.
If you feel comfortable sharing the section, township and range, we can give you an idea of any activity pending or nearby.
There is FAR more to leasing than you will probably find here. I can assure you that there are many atty’s that will NOT have the best advice for you, unless they own minerals themselves, or are actually experienced in oil & gas, in which case their fee might be prohibitive, especially if you own a small # of Net Mineral Acres. I am in possession of the actual lease document, for some of my mineral interest in Creek Co, that have ‘terms’ that I have Never ran into before, crazy terms. What ever you do, strike the ‘warranty’ clause, and it might actually be best to just let them ‘pool’ you, it doesn’t require any effort on your part, But You Might Want To ELECT To Receive the 3/16ths Offer Even Thought I Pays A Smaller Cash Bonus. Many thing to consider, if you have at lease 5 or preferably 10 Net Mineral Acres, you’re in luck if you own even a larger number of acres.
This topic was automatically closed after 90 days. New replies are no longer allowed.