Hello, we own small minerals holdings in Stephens County 1N 4W sec. 15 22 27. We have been offered choices as follows:
$3,000, 3yr, 1/8 $2,500, 3yr, 3/16 $2,250, 3yr, 1/5
Is this reasonable? Could we barter for a 1/4? We own Texas minerals and a 1/4 and larger lease bonus are more common. The OK stuff are part of our Choctaw family minerals.
Thank you!!
I always ask what they are offering for 1/4. I see that quite a few have already been filed at 1/4th in those sections. If you have tracts in multiple sections, then you may be able to cut a better multi-tract deal. There are quite a few leasing companies working those tracts, so if you need other names, come back.
Be aware that the leases in OK are quite different than those in TX. It would be very wise to get a good OK attorney to review any draft leases and make more mineral owner friendly edits.
Your time frame is very short. Pooling is pending by Cheyenne Petroleum on 9/27 for sections 15 and 22. Many of us prefer pooling so that is a perfectly acceptable option.
There are several smaller companies in this area paying quite a bit of bonus on a 1/4th royalty. If you name is listed on the Cheyenne Petroleum pooling application will be subject to the Pooling Order unless you decide to lease to someone else. Cheyenne pooled this unit a couple of years ago for the Woodford and drilled a good well. Now they are wanting to drill 3 wells in the Sycamore formation and are having to pool again.
This topic was automatically closed after 90 days. New replies are no longer allowed.