Newbie with mineral rights in Mclain County in Purcell, OK

Oklahoma Mineral Rights McClain County, OK
1

We just found out we have mineral rights from grandmother in Mclain County, OK. Sounds like around 10 acres total. We were contacted by Capstone Capital and they are finishing up the lineage now and will be in touch. Sounds like they or someone they represent wants to lease the mineral rights. Am doing a lot of research to get familiar with process, terms, what to expect, etc.

Right out the gate, just a few general questions I hope to get answered:

1. How long does it normally take from this time until contract is complete, and potentially any royalties are paid if they started mining in the near future

2. What is bonus per acre in this County average right now? Also, is anywhere from 15-25% royalty reasonable?

3. What types of minerals are common in this area? Oil, gas, etc?

4. What success stories with real $$'s can any of you share with your experience and how profitable this can be? Just want to know what's reasonable to expect for this area.

5. Is our next step to contact a landman or an oil / gas attorney once we are notified that they would like to make a lease offer?

Thanks for all of the help, I appreciate any help or info you could give!

2

You need to tell where your interest is located .Section ?-? n-? W or e

3

Sorry, don't have that much info yet, just getting basic info coming in right now. Hope this doesn't prevent at least some basic info / answers. Thanks!

4

Where it is can make a lot of difference . Also just because a landman contacts does not always mean you have good title . Do you know what part of the Co. ?

5

I'll work on getting this to have a better description of where property is actually located. Get back to you.

6

I wouldn't get an attorney in on the deal unless you have trouble establishing your ownership of the mineral rights. As in anything else where you hire an attorney they will get a pretty good chunk of cash for anything they do. I don't know for sure but it might be cheaper to hire a landman to check it out for you in the records at the courthouse. Some on here will be able to tell you more about it than what I'm telling you. There are some really knowledgable people on here in the law and tracking ownership. Take advantage of that knowledge~I'm definitely not one of those people but have been helped by them a bunch!!!

7

OK, so we got a call yesterday saying they are sending some affidavits to sign and also an offer letter to lease the mineral rights. Once I get this, I will post whatever relevant info to see what you all can offer for advice. Stay tuned