I have been getting a lot of mail about pooling and relief sought for a multiunit horizontal well from Marathon Oil company as well as energy companies wanting to buy my mineral rights. I know nothing about owning or selling mineral rights. Where is a good place to start for newbies? Any help would be appreciated.
Welcome, at the top of this page you will see a Tab for
from there look to Oil & Gas 101. That is is a great place to begin. Also, if there is a pooling order issued, you have a very short time to make an election of the options. If you fail to do so you will be assigned the option with a 1/8th royalty with the highest bonus/consideration. Many royalty owners opt for a higher royalty even if the bonus is lower.
This post is not legal, investment or tax advice, it is for discussion purposes only. Reading or responding to this post does not create an attorney-client relationship.
Once a pooling order is filed, there may be many offers to buy that are autogenerated or deliberately sent out. Many of us would rather wait to have the potential royalties than sell at that point.
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In addition to the Mineral Help tab above, it would be good for you to read through the Garvin County topics to get up to speed. If you post the section, township and range where your minerals are, we can help you with the activity in your section, what is going on around you, etc. If you just inherited, then make sure that you file your name and address and a description of your minerals in the Garvin County Courthouse and any other counties where you own. You will also need to file a copy of the probate or title documents that granted you the minerals. If your ancestor had producing minerals, you need to contact each of the operators and tell them about the change in ownership and furnish them with the title documents that they request. Send any correspondence by certified mail, return receipt. Keep copies of everything. If you inherited, find out if your ancestor had any records or files and try to get them. It is very important to have history! Ask tons of questions! If you inherited, did the executor do an evaluation of the minerals’ value? You need that amount for your files.
Be very wary about offers to buy until you are completely certain about what you own and what royalties might be due to you. Folks that want to buy intend to make a profit off of purchases. Nothing wrong with that, but you need to decide for yourself if you want that profit instead.
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