Our 3 grown children and myself inherited my husband’s oil/gas mineral rights over a year ago and I have been trying to get all the legal paper work taken care of in Garvin and Latimar County - and, with the 4 oil/gas companies involved. The royalties are on the following sites: E/2 and E/2 SW/4 of Section 3 and the NE/4 of Section 10, Township 3 North, Range 3 West, Garvin County, Oklahoma…(3 companies involved here.). And, An undivided 1/2 interest in and to all the oil, gas, and other minerals in and under the S/2 NE/4 of Section 1, Township 4 North, Range 18 East, Latimer County, Oklahoma…(1 company involved here.). We have not been approached to sign a contract with any company in over 20+ years - and, from 1985 (when my father-in-law passed away) my husband and I received several company options off and on for a while. Why are the companies not approaching us any longer? We still get a few royalty checks every once in a while (no more than $300 a year)…should I try to see these mineral rights? Contact someone…if so who? I understand there is a huge reservoir of gas underneath our property but have no clue what to do or where to start. Advice?
As to why nobody is seeking to lease, a couple of reasons come to mind.
- There is no interest, geologically, in drilling in the section. Certainly very possible in Latimer.
- The fact that you’re receiving some checks indicate the prior oil and gas lease(s) is held by production. That means a well was drilled, and, generally, as long as the well keeps producing, the lease remains in effect. As to selling, that is a personal decision, depending on a lot of factors. do the kids want the minerals? Is it too much trouble to keep up with? do you have better use for the money? No one right or wrong answer.
1-E/2 and E/2 SW/4 of Section 3 and the NE/4 of Section 10, Township 3 North, Range 3 West, Garvin County, Oklahoma…(3 companies involved here.). You first set of acres belongs to the Antioch Gibson Sand unit which is a very old field from before 1952 when it was unitized. You are getting revenue for that field. I can show you where to find the paperwork if you don’t have it in your files. You may get offers to buy. Might slow down on those. There is horizontal drilling under the field for the shale play below. Wells in the section to the west and south of you. You will not get any lease offers since you are held by production. You may want to get a new Division order to get your checks more often. You can change the minimum amount from $100 to $25. I do that on old fields.
2-S/2 NE/4 of Section 1, Township 4 North, Range 18 East, Latimer County, Oklahoma This area is a gassy area. Old production. You may not be getting any checks on this one as the last production was in 2017. No horizontal drilling in this area at the moment.
Samuel: How to handle,
- Try to understand what your have (acreage, leases, etc)
- Make sure your contact information is on file with the relevant counties under the legal descriptions.
- Never rush into a lease or a sale.
- Plan for the next generation. Simple Trust or Transfer on Death to avoid probate.
Thank you so very much for responding.
Thank you so much for this information.