Wouldn’t Mr. Sneathen’s daughters interest’s be pooled, at least under the current wells? That is, if not subject to a prior lease?
If some of Mr. Sneathen’s daughter’s interest were pooled, I would suggest doing what is necessary to collect the bonuses and royalties due before considering selling as the buyer would collect those otherwise. In other words, the buyer would be buying you out with at least partly your own money, maybe as much as 50% or more.
Mr. Sneathen, there is also a difference between gross and net mineral acres. Did grandmother have any siblings who may have inherited a part interest in these minerals? Be on the lookout for the words undivided interest in xxx acres which would be a clue that you don’t own all of it. Granma may not have inherited 100% interest in the acres. Be cautious.
We had similar issues to yours. We hired Ralph Harrison, lawyer in Kingfisher, to take care of things. It was professionally handled by a lawyer who knows what is going on in Kingfisher county. There are plenty of people in the oil business willing to take advantage of people that are not experienced. His fees were very reasonable and I am happy with his work. Good Luck
I have just been offered $1,000 per ac. bonus, 18.75 rolalty, 3 yr term. on my mineral rights in Kingfisher county. township 16 range 7. The company that has approached is Sullivan Land Resources. I am new to this and don’t know what to do. The man said kinfisher was really hot right now. Is this a good offer?
Ralph Harrison is also my lawyer and he got me about what you were offered several months ago. He did say he got a $2500 per acre bonus and 1/4 royalty on a lease but I don’t know where it is in Kingfisher County. Call Ralph and he will know and he’ll get you the best deal. His fee is a drop in the bucket to what he will save you in negotiations and in having your lease prepared properly.
Tim Thank you for the info. My son is a engineer for a company that develops pressure valves for the oil industry and others and he said the same thing. That I shoud get a lawyer. I will give Mr Harrison a call today.
Tim Thank you for the info. I made an appointment with Mr Harrison and my son is going to take a day off and drive me. I live about 3 hrs away from Kingfisher, so that will be nice.
Christine, that section had a pooling order hearing scheduled for 6/23/14, so you should be getting orders soon on it. They will give you the last options offered. You will only have 20 days from the order to make your selection or they will give you the worst one automatically.If you have never done it before, come back here and we can explain it.
Generally speaking the offer you received is in the ballpark for the area.
We’ve received an offer from Nassau Resources LLC in Sec 11-18N-5W for $600/ac, 3/16 for 3yrs or $100/ac, 1/4, 3yrs. Anyone care to share what kind of offers they’re getting?
See second page on this thread. Going rate around Loyal, OK area is $1000 acre for 3/16. I got that and a neighbor a mile and a half from me just leased for that. Newfield is drilling three wells in western Kingfisher county, the first just being drilled and they are using my water from my pond to drill. I am hearing from the locals that rumor is they will drill many, many more. They are testing the northern zones of the “Stack” play they invented… I would tell you legals when i get to work in the morning where I have it handy…