Thanks for the help. It looks like we should start getting payments. Are they usually quarterly?
Gordon,
You should get a check monthly if it’s over $50 or more,but the first check is usually after 6 months after the first production is sold.
I thin it depends on if youare buying or selling. ,078125, on a pie chart, would be almost unable to even see, that is what I have, I think. I do not agree with the theory that the Oil Companies are intentionally trying to screw all mineral owners, who would spend any time cheating me out of 11$s a month? If you owned a section of land, 100% yours at 640 acres, then I am sure you would have a different opinion. But I also know for a fact that allah the farmers I ever knew and grew up with, knew how to cry when tax collectors, assessors, county farm agents, FHA, and all government officials came around. They also met every Saturday nights at the square in Fort Scott Kansas to publicly cry for anything they could get from the government. It still works and they know it and use it. It is unofficially termed Farm Lobbist. My father was really good at it. They also gathered in barber shops and their wives at Ben Franklin and Woolworth soda fountains. They did not talk about oil in those days, mostly wheat and corn and hogs and milk and cheese. And telephone party lines. LOL
Candace Cooper, How many mineral acres do you own? Your net royalty is in proportion to the number of acres you own in the unit multiplied by your fractional interest. Example of a 640 acre unit and you own 40 acres and have 1/4 royalty: 40/640 = .0625 x .250 = .015625 is your net royalty.
Here’s a free easy to use royalty calculator: http://www.mineralweb.com/owners-guide/leased-and-producing/royalty…
Candace The Trustee Deed recorded in book 1400 page 74 said you and Kirby have 1/4th of the ne/4 . 40 acres . Could find no lease, and your name was not in pooling, so may be held by production . There is a Cohen listed in pooling #165.
I need help figuring out what my share in Logan Co. joint venture is worth. I have a .078125 interest in 25-17N-04W. I am new to this and need help explaining what I have and its value
Candace, The courthouse county records should have record of your mineral deed ownership, so you might be able to find you mineral acres here: https://okcountyrecords.com/ All you have to do is type in your last name or the last name of the individual who you think owns the minerals. Note: if the minerals are held in a trust or other legal entity you should search by that name. You can get a copy of your deed for a few dollars. The unit size will depend on your legal description, which you should be able to get from the same website above. You can call the OCC at 405-521-2613 and verify your unit size. Just give them your legal description and ask if there are producing wells in your section and if there are not any producing wells in your section ask if your section has been forced pooled. I’ve got to go to a meeting, but hope this helps you and you can always post more questions and others will answer.
I figured my interest was pretty negligible because of paltry royalty payments. I guess, as a matter of intellectual curiosity, I would like to know how to evaluate my interest anyway. For instance, does .078125 = .078 % ? And to what do I apply that percentage? The total value of the acres of mineral rights assigned to the well?
Thanks Martha and Ron.
I understand Martha’s computation and appreciate Ron’s comments.
Now I know this will sound basic, but how do I find out the no. of acres in my unit and how many acres I own? I checked on my unit with the OK Tax Commission, but could not find much in the way of details. I have not been a good record keeper and don’t know who to ask.
Thanks M Barnes. Always an answer to be found here.
A follow-up from a while back just tossing this to the group. Anything happening in the 19-18N-2W? Sent a W-9 to Devon after a period of no communications. That was after the flurry of pooling notices and such. Just wondering if they are going to do something or not.
http://imaging.occeweb.com/AP/Orders/occ5068735.pdf
Looks like a well coming soon on 19-18N-2W
The Sooner Trend - good viewing.
The most powerful words in the world of creation continue to be “…WHAT IF…” and my most recent whatif is simply, "…what if there is a new form of petroleum, one found everywhere, and could easily totally replace the planet’s need for fossil fuel? Well, guess what, I mean guess what if…?
Does anyone know who is actively leasing minerals in Logan County?
Think twice about who you lease to and hope they don’t sell you out.
Catherine,
First, everything needs to be filed at the county clerk office or you may have a wild deed that hasn’t been filed. If it was left by a will, then it should have been probated to make sure of clear ownership, then transfer deed file. Other papers may be needed to prove ownership.
Devon, Chesapeake and Osage to start with.
Who isn’t may be an easier question.
Does it really make sense to Lease when spacing orders can give you a better deal? if you don’t own bigger acreage, the Spacing order can be a better deal. I guess it depends on how much you know an how much you put into the process.
This isn’t Cathy but----Houston, we have a problem—anybody, what determines that you have a clear titrle to your mineral rights and some lawyer can’t come along and want you to produce documents that probably don’t exist to prove somebody left a will or not and it says in the county seat that you have recorded things necessary to show that you legally own these mineral rights.