Alice,
BP Pooled that section in late 2017.
You should have been named in the pooling or held by an existing lease. I don't see a lease less than a year old.
Brentwood Resources and Capstone Land took most of the leases.
Murelene, it doesn't do any good to fret over what you did in 2015. You are doing the right thing now by learning, and you will do better on the next transaction. The fact is, sometimes drilling prospects go cold and don't get drilled at all, or not within the extended term of your lease.
Your situation brings to mind the Bob Seger line: "Wish I didn't know now what I didn't know then". Or "I'm happy 'cause I'm dumb."
Thank you Fred Morris and Rick Howell At least you pointed out some things. I am sure I am not the only one that has all these questions if this is happening to 300 people.
I inherited this from my father when he passed away. I didn't even know I had it until Kim from T.S Dudley contacted me back in 2015. I remember my grandfather telling me how important mineral rights were and to never sell them. They just get passed down from generation to generation. M Barnes has been so helpful with all this.
I am coming to Oklahoma in July-Aug to not only see my many relatives but to go to the land office there and see all this paperwork. Seems like a lot of you know about my lease paperwork that I don't. Is it online somewhere?
Murlene,
Check okcountyrecords.com. Do a search under your name and your dad's. For a small fee, you can download a copy of your lease. If you have trouble, send me a message and I can walk you through it.
Martha
Murelene,
Here's a link that I use to look at records for McClain County. Most of Oklahoma's records can be found here but some counties use another system. I bought the lowest priced package for $10 a month, but you can cancel at anytime.
I forgot to say if you query by section, township and range, you have to use the format used by that county. McClain County format is like: 6 6N4W. But, you can also query on your name.
Murelene,
Very basic........
An oil and gas lease is more of a sale than a lease.
You basically sold the property with a down payment up front with the rest to be paid based on a percentage of the sale of the goods produced from it. If they don't produce any product in 3 years, the property is returned to you. This is called the primary term (in your case you approved them to extend it "if they chose to do so" for an additional 2 years). If they start producing it then goes into the secondary term, which is as long and that well is producing as a commercial well. This means it can hold the lease "forever".
This is "standard" and has been for 125+ years. Lessee (land agents, operators) have been selling, assigning, and transferring leases for the same amount of time.
This is not happening to 300 people. The assignment of leases is happening to hundreds of thousands of people.
For most of the counties, the clerk records can be researched on okcountyrecords.com
"Inherited" does not necessarily pass clear ownership to the heirs. I suggest probating your father's estate in Oklahoma to complete the process to ensure you are paid on the production.
Thank you Rick for being honest. I have hired an Oil and gas law firm so we can get this all straightened out. I was the sole heir to my fathers estate.
I just found out my position at work is being eliminated so I took an early retirement and will have plenty of time to learn all about this going forward.
If you can swing it, OK-NARO has an upcoming convention that will have numerous educational opportunities.
Hello Murlene, I second Rick Howell's suggestion to attend the upcoming NARO convention. It's really designed to help owners like us understand more about this complex business. An excellent opportunity to learn and to network with other owners and people that you interact with on this forum. Welcome, and hope you can make it!
Thank you for the invite. Where is this convention being held?
Never mind. I found it by Google. Thanks
Sign up quickly if you want the discounted room rate at the Skirvin. It is a Hilton if that makes any difference. I asked if there were better rates for AARP or AAA and the NARO rates were the best.
Murelene,
It is mostly held in the Tulsa and OKC metro area. There is a National Convention that will be held in the fall in Denver. I'm biased, but I think the Oklahoma convention would better serve your needs. In the next 10 days or so, there will be some more changes to the events and agenda than what is current published.
There is some good info posted here under "Mineral Help" on the banner above. Link
This Link will take you to some info on the OCC page on pooling, but look at the bottom for other links.
Also take the time to look at these. Link
This year's OK Chapter of NARO is May 2-4 in OKC at the Skirvin hotel in downtown. The forms are on the naro-us.org site on the OK chapter page I think. Just signed up last week. It is super helpful for a mineral owner that wants to understand what is going on.
Murelene Louise Nelson I would not waste your time/money on a lawyer if all you're looking to do is fight the extension from EOG. There is nothing you can do. I'd just cash the check and not worry about it.
When Chance says
"I would not waste your time/money on a lawyer if all you're looking to do is fight the extension from EOG. There is nothing you can do"
that sounds like legal advice, doesn't it?
I am new to this forum and just found out that I inherited mineral rights shared with about 18 family menbers. I received a well proposal from Delta Core representing BP for drilling of 6N 3W 11 1HX, sections 11-T6N-R3W and 02-T6N-R2W. I elected no cash bonus delivering 80.00% net revenue interest with me retaining a 1/5 royalty or 20.00%. Any comments or thoughts about this is greatly appreciated.
If a well is drilled,the conventional wisdom in the oil patch is that the higher royalty is better in the long run--so good choice.
If, on the other-hand, no well gets drilled or is a dry hole, higher bonus would have been the better choice. You would have to be clairvoyant to actually know which choice is better. Since it is likely BP will drill, you have chosen the best option. If they send you a lease to sign, get educated on favorable terms before you sign.
I think there is a bit of decision if you have a lot of acres, especially if it is $2000 or more lease money per acre! You are only getting 1.25% more at 1/5 than 3/16. A bird in the hand is worth 2 in the bush. I bet they have only drilled 5% of leases I executed in McClain county the last 20 years.