R Story, thanks.
R.Story: What do you mean by those "leveraged properly" are receiving higher percentages of production and high bonus? If they are in the WEHLU they would only receive 1/8 and no bonus as the oil company are holding the producing and non- producing mineral rights owners to the antiquated 1/8 and NO bonuus leases. They claim that all the acres in the WEHLU are Held By Production!. This is taken to mean ALL of the mineral rights within the boundaries whether they are or have been producing, including old shut in wells.
We should be able to break this, as far as I can see by reviewing the incorporating documents, as a majority of the mineral rights owners were not consulted or did not vote for it as required by the initial incorporation.
Therefore we are stuck with what we have, if we just accept it and let them continue taking money that should be ours. This is even less than 1/8 as you only get a portion of that amount based on a percentage of what the whole field produces, less WEHLU expenses ( hard to determine) This has gone on for over 65 years. It is an affront to to the WEHLU mineral rights owners and most likely it is illegal.
We have to fight it ourselves or get a class action suite. There are quite a few owners involved in the thousands. If I could get a list of the owners I would contact all. If you or anyone who reads this has any thing further, please let me know. Jack
My apologies John. I think I completely misunderstood your first post.
You are absolutely correct. The mineral owners covered by WEHLU are missing out on an excellent phase of leasing in their area.
Unfortunately, it would be a very large uphill battle overturning 70 years of operation and subsequent court rulings.
I believe I read somewhere that the original pool of mineral owners was 2,500 in 1946. I would be impressed if that number does not exceeded 10,000 today.
The entire list of current mineral owners should be with those who pay on the unit.
ALL: With this number of mineral rights, in the thousands, it should not be so hard to get a class action suite. Do you know of any good O&G Lawyers in OKC that would like to take a look at it and give an opinion? A class Action is better than none. However, a good O&G lawyer might take it on his own. Do you know any?
Connie Bryant is an excellent O&G attorney in OKC who has been involved with such cases in the past.
Claudia, just for full disclosure, do you have any relationship, financial or otherwise, with attorney Bryant ?
Kent; I do not. I hired her several years ago and have the utmost of trust & faith in her as an oil & gas attorney.
Connie: How about it? See WEHLU comments below. J. Larkin [email protected]
@John … I don’t think she is on this forum. Also, you can always contact NARO for possible suggestions. I’d contact them about this issue regardless.
Thanks Claudia.
In November 2015 we sold mineral rights in Grady Co. OK, and now need to come up with a cost basis to determine the capital gains for IRS 2015 income tax. One person told me to find out the pooling order price per acre on or about the date we acquired the property, then multiply that figure by 3. My question for the Mineral Rights Forum community is: how do I find out the pooling order price per acre for (in this case) August 9, 1988? From the Corporation Commission? Any advice or guidance would be appreciated!
another way to determine value is try to find similar mineral deeds in the same geographical area at approximately the same time, and determine how much documentary stamps were paid, for example, for 10 acres.
Looking for fair market value on our 190 NMA in Harper and Nowata Counties.
K Cline,
Leasing or selling?
R Story - we would like to sell.
Our family has 45 NMA in Harper Co and 145 NMA in Nowata Co
$250/acre - to sell NMA - sound reasonable in Harper Co?
Jackie, I don't see how the data is any different than what they have had the last year. The host page/ search interface has been updated. But once you get to the displayed data, it appears to be the same
I'm interested to know....folks who purchase minerals.....in how many years do they expect to recup their investment? I've heard 4 years and I've heard 5 years but I'd like to learn what any of you know.
For example, if someone offered me $300,000 for my minerals I'd think they expected the investment to pay $60,000 per year.....if it's 5 years. Now if the minerals haven't yet started "paying" I'd think the investor has some knowledge that the minerals are getting close to being recovered. Any thoughts?
Has anyone had dealings withTitanII Energy llc?
Has anyone information on Non-Op leases. Thanks for any input, appreciate it.MaryEllen