My wife and I recently found out that we have a relatively small mineral interest in Payne County, OK, Section 28-19N-3E. We found out about this as Calyx is offering us a lease. We are not interested in a bonus, and the "no bonus" lease they offered is $0 bonus, 1/4 royalty and a 1 year term. I see from my research that pooling has been recommended, but it doesn't seem as if the actual pooling has been ordered. Is it likely that the pooling order will be for similar terms? Are these reasonable terms? Any chance of negotiating better terms given the pooling order is probably coming?
Also, I keep reading things about making sure that there are certain things in the lease agreement, but I haven't been able to find any posts that say what I should make sure is there. Where can I found out more about what needs to be in the lease agreement? Are all things covered in the typical pooling order leases?
Thanks,
David
Here is a copy of the pooling application . It was recommended on 7/30/13 so the pooling order could come any day . You have 20 days after the date of the pooling order to make an election under the pooling . See if you are listed on the application . You should have got a copy .
http://imaging.occeweb.com/AP/CaseFiles/occ5021489.pdf
Below is a pooling order for section 29 . 28 should have the same terms .
http://imaging.occeweb.com/AP/Orders/occ5020799.pdf
I will look at a Calyx lease and get back to you . If they will not give the things you need in the lease agreement you can just make an election under the pooling . They have drilled several wells that tested at 200 + BOD in 19n-3e so the 1/4 royalty looks good . How many acres do you have ?
I thought the terms of the lease are the bottom line of whatever mineral owners receive This is why we have a pretty constant flow of offers to purchase your rights even after the pooling is ordered??? I don't know, but this is my impression.
Interesting to me that in the first example of pooling, 161 what I think are owners of minerals are involved while 23 other owners of minerals are listed as no known address. But when the whistling in the wind is done, I wonder how many actual owners there may be? Could be less, or maybe even more?
Only the owner who have not signed a lease are listed in the pooling order so there could be many more owners .
Ron, thanks for the info. See responses inline.
Ron McKenzie said:
Here is a copy of the pooling application . It was recommended on 7/30/13 so the pooling order could come any day . You have 20 days after the date of the pooling order to make an election under the pooling . See if you are listed on the application . You should have got a copy .
http://imaging.occeweb.com/AP/CaseFiles/occ5021489.pdf
We are not listed directly on the application, but an ancestor is. Things have since been cleaned up so that the deed is correct. Since we received a well proposal directly after all this, I assume that they have the correct names and addresses now. Should we reach out to anyone to confirm this? I would hate for us to miss the notification of the pooling order.
Below is a pooling order for section 29 . 28 should have the same terms .
http://imaging.occeweb.com/AP/Orders/occ5020799.pdf
I will look at a Calyx lease and get back to you . If they will not give the things you need in the lease agreement you can just make an election under the pooling . They have drilled several wells that tested at 200 + BOD in 19n-3e so the 1/4 royalty looks good . How many acres do you have ?
We have just over an acre.
Given our relatively small interest, we were thinking about participating in the well, but I'm beginning to rethink that now that I realize the costs can be pretty much unbounded. Is there anyway to limit the potential loss? What about limiting liability?
David
Would you want to send me a friend request and I would send you my number and I could talk to you about the pooling and participating.