I am looking for help to find out who I should go to. I inherited oil and gas royalty interest for : NE/4 of Section 30, Township 17 North, Range 4 West, W/2 SE/4 of Section 32,Township 18 North, Range 3 West and N/2 NE/4 of Section15, Township 17 North, Range 4 West all in Logan County. Mosier wells. I get small checks from DCP Midstream every few months. Do I trust them? I need to get a handle on what I've got. Do I have to go to the wells myself to see if they are active, do I need to visit DCP and go through the paperwork, or can I get someone to pay and do that for me? I live in TX so that would be quite a drive. I have also been contacted by someone out of OK that offered to lease one of the sections. After reading a lot of feedback on this site, it sounded pretty low. I have contacted a lawyer in Guthrie to look over the paperwork that I found when my mom passed away and he offered to look it over. Is that the best way to go? I don't know that I can afford a lawyer. Can anyone help me out?
There are lots of free sites where you can get your basic data first.
DCP has been around for quite a while and they pay my checks just fine. Some of these wells are very old, so they will issue checks when the amount totals $25 or $100 or whatever was in the original lease.
You can go on the Oklahoma Corporation Commission website to check the wells.
http://www.occpermit.com/WellBrowse/Home.aspx Type in your location Use 03 or 04 instead of a single digit. Then you can find out if they are active, get production information, etc. Click the little magnifying glass. Most everything is on line, so you can sit in your bunny slippers instead of driving. (I live in Texas, too.-way too far to drive!)
This area is getting a lot of attention with leasing, so don't take the first offer. Let us help you a little to get informed before you talk to the lawyer so you can go in with specific questions and not pay as much. You need to gather up all the paperwork you can find. Do you have a will from her, probate documents, etc. If you can find old leases, that would help you figure out what you have. Do you have the mineral deeds? You will need exact descriptions of the leasehold and the net acres. Look at the check stubs and see which Mosier wells. There are several.
Go to the Garvin page and click on the Tips for Mineral Owners. It has a bunch of links which you can save and use. Also go to the top of this page and click on the Mineral Help section and read up on the do's and don'ts of leasing.
My mom just passed away last year, so I just went through a lot of this. Several others on the forum are quite knowledgable as well. It is a bit overwhelming at first, but taken in small bites, it can be accomplished.
Thank you. Yes I get small checks in the amount of around $100 when they reach that point. I have her will and already had the leases changed to my name last year. I have a couple old leases that I found. Not too sure about the mineral deeds. I will being with the OK Corp Commission website. I had called DCP last year and asked about the wells and they said they weren't active at that time. Why would someone want to lease them? The gentleman that called me offered about $300/acre but I know that's low from other post I've read. I just want to find out more about the wells so I can maximize what there is to eventually leave them to my kids someday.
Paulee,
You are not really leasing the wells. You are leasing the right to explore and produce from the area within your ownership. They may be after different formations at different depths not covered by existing production, or areas that no longer have production. The current wells that are inactive may be in a formation where the hydrocarbons have been depleted. So they would want do go to different formations or back in to to the same formation with different techniques.
Also you cannot judge the bonus per acre based on just single posts here. As an example Stephens county may see bonus payments approaching $2000 per acre in the far NE corner. In the far SW corner, you will be lucky to get $25 per acre IF you can find someone wanting to lease it. Location is VERY important. Also the bonus amount paid may not be the most important thing in leasing the property.
If you want to send me your phone number, I should have a half hour or so free tonight and I can try to point you the right direction on a few things. I'll send you a private message..
Rick Howell said:
Paulee,
You are not really leasing the wells. You are leasing the right to explore and produce from the area within your ownership. They may be after different formations at different depths not covered by existing production, or areas that no longer have production. The current wells that are inactive may be in a formation where the hydrocarbons have been depleted. So they would want do go to different formations or back in to to the same formation with different techniques.
Also you cannot judge the bonus per acre based on just single posts here. As an example Stephens county may see bonus payments approaching $2000 per acre in the far NE corner. In the far SW corner, you will be lucky to get $25 per acre IF you can find someone wanting to lease it. Location is VERY important. Also the bonus amount paid may not be the most important thing in leasing the property.
If you want to send me your phone number, I should have a half hour or so free tonight and I can try to point you the right direction on a few things. I'll send you a private message..