Can anyone offer me some insight, into how this works. I received a oil and gas lease from Todco Properties. The lease in question is the SE QTR (SE/4) Sec 10 T15N, R1w of Logan county OK Containing 160 acres. This lease was also sent to 2 annt's and 1 uncle they all signed there leases which they received $102 a mineral acre for 3 years and provides 3/16ths royalty. After doing a little research on mineral leases in the area and looking at past lease amounts on this site back in 1975 at $75 a acre. I thought this offer of $102 was to low, so I called Todco Properties and told him $102 was so low, he said he would contact me if he could do better. It's been a month so far and no contact, Now what hire a lawyer to handle this? What are my options?
Patricia,
$102 was way to low. Most of the leases in Logan Co are in the $400 to $800 range.
I have a good lawyer in OK City if you need one. You may also want to contact Greg Taft who is a land man and has been able to get a lot more for people. I just got home and I can't find his email address. But if you will email Kaye, she can tell you. [email protected]
I have not dealt with Greg, but understand that he is very nice.
Virginia
This may not be the right place to tell everyone about this. But, I don't know where to put it.
OCC will be having another Non-resident Oklahoma Royalty Owners information seminar on Sept 29 at the Arizona Biltmore Hotel in Phoenix, Arizona. This should be good information for people who are new to mineral interest and leasing. I just wanted to pass this on in case anyone is interested.
Virginia in TX.
Oh, if more information is needed, call Donna at OCC 405-521-2613.
Hi Virginia, thank you for the reply. I haven't contacted Kaye yet, but a referral for a lawyer in OK, would be greatly appreciated, I,m completely new to this Oil & Gas Lease World. The lease in question is SE/4, SEC 10, T15N, R1W, Total of 80 arces, which my portion is 20, the rest is other family members which they already signed there leases, at the $103 price , do you know if that will affect me.
Virginia Pflum said:
Patricia,
$102 was way to low. Most of the leases in Logan Co are in the $400 to $800 range.
I have a good lawyer in OK City if you need one. You may also want to contact Greg Taft who is a land man and has been able to get a lot more for people. I just got home and I can't find his email address. But if you will email Kaye, she can tell you. [email protected]
I have not dealt with Greg, but understand that he is very nice.
Virginia
Patricia,
If you want to email me at [email protected]
I will be glad to sent you some names of some good Oil & Gas lawyers in Ok City. My attorney isn't taking any new clients right now, but their are several others in his office that are very good. A person that I suggested my attorney's partner got a bigger bonus, larger % and a better lease. These oil companies will try to get the lease as cheap as they can.
If I understand you right, you have 20 A out of the whole. You ask? since the other family members have signed can that hurt you. It could, but it's hard to say. First with only 20 A, they can pool you into a H spacing unit of 640 and you won't have much to say and they don't even have to pay you a bonus. But, most good oil companies will try to work with you and get you to sign a lease. You may not get top dollar for your lease, but I would think you could easily get $500+ per A and you may even try for 20%.
Sorry, but I don't feel I can put my attorney's name on line, but will be glad to share their names.