I received a lease offer in Caddo County 8-10N-11W for three years at $400.00 per acre. Is this reasonable?
Welcome to the forum. Please add the royalty amount as offers come in pairs. Was that for 1/8th, 3/16ths or something higher? Only two leases have been filed in that section in the last two years and they were for 20% (1/5th).
Sorry, The lease is for 3/16 and this is the first offer we have received. The last lease expired four or five years ago.
Since 1/5th leases have already been filed, you should ask what they are offering for 1/5th.
The clauses in the lease are the more important issue. It is very wise to get a good oil and gas attorney to look at the draft lease. The draft lease is usually highly weighted toward the operator and not the mineral owner and needs quite a bit of editing to get more into balance.
M_Barnes I tried to message you directly. I have no idea if it worked. I have multiple mineral rights across Oklahoma. Some are very small and some are larger. Previously, my uncle has guided my decision related to minerals. However, he and my other aunt/uncle recently sold all of their minerals. My sister and I decided not to sell. So, I need to learn how to do this properly. Do you have any suggestions on how best to learn? Our family attorney, noted all of the minerals but there are pages and pages and I don’t even know how best to code them for tracking. Any guidance would be appreciated. I have a lease offer in Caddo for 18-8N-10W bonus 500 3/16 or bonus $400 1/5. They have not sent a full contract. Only that information. I’ve also been contacted by Continental for a horizontal well. I saw you mention in another post to see where they are in the process, but don’t understand how that is relevant to the contract it’s at 32-9N-9W and they are offering 1k per acre with 87.5 net revenue interest or 800 with 81.25 interest. I wasn’t sure about you saying to see where they are in the process and if that meant I should delay making a decision. I truly appreciate any insight.
It worked.
First of all, Breathe! It is not that difficult to manage. You will learn quite a bit on the forum.
Bless your family attorney for that list! You are going to need it. It is probably in a Word document or as part of a probate list, but it is a lot easier to put it into Excel or a spreadsheet sort of form. I have a template that you can use.
The National Association of Royalty Owners is committed to helping mineral owners learn how to manage their minerals. They have an introductory membership for a year to get you started. Gives you access to their webinars, state chapters and tons more. www.naro-us.org.
Caddo for 18-8N-10W bonus 500 3/16 or bonus $400 1/5. You do not need to answer that letter or offer. Ask for the complete draft lease before you make a decision. You may get offers from other agents. You can either lease or wait for force pooling if it comes. Each has pros and cons. Who is offering here?
32-9N-9W $1000 with 87.5 net revenue interest is a 1/8th (12.5%) to you. $800 81.25 net revenue interest is 18.75% or 3/16ths to you. I am convinced they like to say it that way to make it complicated… I never take a 1/8th royalty. Ask them what they are offering for a 1/5th and 1/4th royalty. 1/8th and 3/16ths are low.
This set is going to be a bit complicated. Here is a map of the first well. Continental is trying to make three 1280 units. 20/21, 29/28 and 32/33. I suspect there will be more wells lined up like cigars. They are doing this sort of layout nearby. You have acreage in section 32. If you lease, then any well that goes throug 32 or 33 will pay you some percentage of the well that is perforated in the 1280 unit. You want the highest royalty that you can get.
I see from this picture that there are wells in section 17. we have mineral rights in section 17-9n-10W: SW4. any idea is anything is happening there?
years ago a company signed a lease with my ex step mother, after our father died, for all my siblings rights as if we were not alive. they company did not research it until a few years later when they stumbled on me and asked who I was. he was the land man who signed the deal with her and he was speechless and shocked to find that there were actually 5 siblings at the time who should have signed the lease since we inherited parts of our father’s rights. he said it was up to us to go sue her for the fraudulent lease. he wasn’t doing anything even though they paid the wrong person for all the rights when she should have had 1/7th of the rights. because of this, I flew to oklahome and went to the caddo county courthouse to get it fixed and while there, a land man showed me how to search for us since the changes were made. he said “any landmand worth his salt will find you kids now”. however we have not heard a word about anything going on over there since. With all the activity we see through this forum, we are afraid we are getting screwed again. is there a way to see if there is another fraudulent lease signed on our rights?
We have an offer to lease at $350 at 3/16ths royalty for 3 years. Section 7 caddy county. Is this the going offer? We really don’t understand it.
Rosebud was leasing in 17-9N-10W in the last two years. (The map you see above is for 9N-9W, not 9N-10W).
17-9N-10W has one dry hole. I do not see any new OCC cases in the last two years for that section.
Welcome to the forum/
Vicki, you need to give the complete section, township and range. There are many section 7s in Caddo county.
Thank you for the kind words. I’m now extra confused because I show I have a lease with Kirkpatrick on 33-9N-9W. However, I don’t know how to tell what Kirkpatrick has or if I can sign this offer.
Hi again, Where can I get an image like this? I told you I was going to create a list…. There are 68 different sections. So, I really need to check them all.
The map above is from the OCC case pertaining to the sections.
I have an offer of $1k, 3/16, 3 yr or $800, 1/5, 3 yr on the table currently in the same township/range