What can you tell me about production here? I am in the probate process of getting these rights in my name. I should have a little over 13 acres of mineral rights. There is a buyer interested and he said that it has a “trickling well”. Offered $1, 650/acre. Any info at this point would be helpful as I didn’t even know about this a month ago.
I certainly wouldn’t sell for that price right now. Others on here can probably check for any action there. I’m not familiar with the area that far east and not exactly where that is but I know in the past there has been a lot of drilling around Healdton, Ratliff City and north of Ardmore. Those are not in Garvin Co. but close to your area I believe.
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Welcome to the forum!
I would not get in too much of a hurry to sell. Continental has a horizontal well play going in that area. You need to get your probate finished and get the minerals in your name. You said $1650/ac, but what royalty is that for? Anyone who is offering to buy is pretty sure they are going to make a profit.
At the moment, there may only be two vertical wells in production Martin 1with Explo Oil in the NE quarter and Jame F Weller with Pruitt Operating Company in the NW quarter. Whether you get royalties from those will depend upon where your acreage is located.
There is a horizontal play coming and lots of buying going on. Usually the offers are low and they hope folks will bite without getting informed. Over time, they go up as drilling gets closer.
Get your probate finished and then come back and see what activity is planned for your section. You need to get your name and address filed in the Garvin County courthouse with the probate documents. Then if you are in either of those two quarter sections you need to contact the companies. They will not give royalties without the probate documents. Slow down and DO NOT let anyone rush you. I have heard of much larger offers catty corner to you, so I think that offer may be low.
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Thank you for the advice. That is exactly what I plan to do, slow down and gather information.
I should probably get an attorney to help me with probate as I am not in Oklahoma.
Yes, the company that contacted me about this was pushing from the first conversation for me to sign documents and sell. I didn’t bite; I researched and found this forum.
Thank you again for your comments.
Belinda: Probates in Oklahoma can be accomplished without having to travel here. Also, you don’t necessarily need to have one completed in your home state.
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