Pamela, thats pretty standard lease language. I don’t think it means he participated. You can usually get the lessee to strike that part or add an exhibit that is part of and filed with the lease that removes that clause. You might want to consult with an oil and gas attorney or independent landman to draft you a lease that includes language that will be in your best interest. There may even be someone on the forum who could furnish you with a good example of what should be in your lease. I’m not going to offer you a copy of mine because there are a couple of things that could’ve been more to my advantage. I would ask Megan who she is leasing for, I’ve got an idea it’s Newfield or one of the other big operators. Someone like that would be more what you would call an authorized representative than some of the freelance “lease flippers”. But no matter who it is everything is negotiable, always ask for a better deal!
Plenty of time-that’s a relief. I’ve been reading about these leases, very complicated & we’re thinking of hiring an O&G lawyer. Also reading about getting competing bids-but that’s taking a chance they’ll change their minds or force pool you isn’t it? But how long does it usually take from their 1st enquiries to drilling actually starting? Do you think they are looking for oil or gas? We have a zillion questions, don’t want to wear you out-thanks Mike
Thanks Mike. I’ll keep checking back.
Pamela, check here as well. https://www.ok.gov/unclaimed/index.php
I see two entries in his name. (it doesn’t show Jr.)
How long has be been deceased?
Richard, That is a new link to me! Thanks!
Rick, I see them. He passed away in '06. His Dad [same name] passed away in '57. One of our problems right now is there is no clear paper trail from father to son. And sometimes Daddy didn’t use the “Jr.” Also we read that if you don’t claim your mineral rights in a timely fashion they can be auctioned off. I’m hoping to find some central registry where we can see a list of all his mineral rights.
Rick, so then we’ll have to do this piecemeal & hope for the best. I guess we need to get the rights we do know about into the name of the Estate & hope the landman can eventuallyfind us for any others. Those rights in Lincoln co. had Daddy’s old address in TX-reason he was never contacted & got pooled. Another reason to talk to a lawyer, I suppose.
Rick, I came across this website called Oklahoma Mineral Owner Registry, www.ownerregistry.com. Not a State website, but explained how ownership info gets scattered & lost. They claim they can find & correct contact info on your mineral rignts. I registered & am waiting for results. Will let you know if it’s helpful. Have you heard of them?
Pamela,
I have an account with them. As far as I can tell about the only thing they do is help connect Landmen with owners and heirs. Some Landmen use their database when looking for owners they cannot locate by information in county records. I don’t think they do anything to help the owners find their rights.
The value of the service is a subject of debate. I registered a month or so ago. We have several properties that were not transferred correctly. If it helps them speed up the process of possible other properties with title problems, it will be worth it to me.
Mike,
Odd… I have just been reading some court case records from the 1950s on Wildhorse Ranch. (Stephens Co) And I know there is a Wildhorse Creek in Stephens County (near Clear Creek lake)
Anyhow, All I see is the same spacing order you found from 2009.
Pamela,
You can file an notice showing the address change in Lincoln County. You list the property you own and the updated address. I filed a few last year at a cost of about $10 for the first page and $1 for each additional page. I have Since seen some examples posted on this site.
I would not just accept the first lease offer that i got. I would attempt to shop the offer around to see if someone else wanted to lease at a better royalty or for more bonus or both.
Generally, you would get paid more by the operator of the well or their agents, than a truly independent company that just happens to be leasing. Not always the case though and you won’t know until you shop the offer around to other companies that might pay more.
Rick, thank you for that, very informative.
Michael, I will ask Megan who she represents. Also “Craig” who called the following week. He at least identified himself as a landman. Seems to me we need to know if these are independent landmen or if they are actually representing a driller? Aren’t we better off signing a lease with someone who is the later?
Michael, I understand what you’re saying & appreciate it.
If you don’t mind my asking, would you just accept the first lease offer you got? And if not, do you just wait for other offers to be made? For how long?
I’m assuming here that separate offers would be coming from separate drilling co’s.
Pamela,
I am an attorney and licensed in Oklahoma.
I may be able to help you. You can contact me off the website at [email protected]. My website is www.mcbeelaw.com.
I also answer questions online if you prefer. However, it appears most your questions have been answered by other posters as there are some very knowledgeable people on this board.
Matthew
Pam, I’m not saying dealing with other land aquisition companies is necessarily a bad idea, they are all in business to make money. But with some they are only in business to make money. I just feel safer knowing that I’m dealing with a professional organization who has been assigned by a legitimate operator to acquire acreage for a specific drilling project. I have seen a lot of leases filed by Energy Leasing and they appear to be representing some good operators. If you talk with Mathew you might want to get his take on that.
Pamela,
I agree with Matthew. I had one I put off for 6 months before we came to an agreement. I came up with a bit better terms , same Royalty Interest, and over 150% additional bonus dollars$. On the other hand, in those 6 months they could have lost interest, drilled a low producer close by, or the markets could have otherwise tanked. Now 4 months later the same area is getting another 15-20%.
I’ve got another that I am negotiating now. I want a ¼ RI and they are stuck at 3/16. It has been that way for several months. They keep going up on bonus and I keep holding out for a ¼. We’ll see what happens on it. It is small so it is not a big impact one way or the other for either party. I’m not rushing on it until I see an application filed.
In some ways it is a game. It is much like gambling though. If you know as much about the game as possible, you have a better chance of winning the game. The games are pretty much stacked with house odds. The house (oil company) is going to win over all. But I’m investing as much time as I can to learn the game so our family can profit as much as possible. Both long as short time.
I would guess the majority take the first offer mailed to them. A bird in the hand is worth two in the bush mentality. I am pretty sure it was Chesapeake that made statements saying the majority of the money they make is in the original lease. I try to remember that every time I negotiate with them!
Both of you, that’s really good advice, thanks so much. I think I’m beginning to understand all this. We’ll definitely take our time and do it right.
Pamela Did you ever check out the okla. missing money site or the MOEB site because it sure does look like they are holding some funds for the family?
Yes Richard, I did & am now putting together the necessary documentation, thanks. That money came from leases in Lincoln Cnty which we didn’t know anything about. Makes us wonder what else is out there-!