I have two very small mineral interests in OK that I am trying to give back to the operators. I have heard back from the operator in Pittsburg County, and he has sent me a “Wellbore Assignment and Bill of Sale” for my one well, for which I received $16 in 2023 and -0- in 2024. I know no one here gives legal advice but the document looks very straightforward and has an indemnification clause, and I have spent hundreds already on getting clear title after inheriting. Any thoughts about if I should spend hundreds more to get an attorney to review the Assignment?
Before you sell, check the activity that might be pending. Some parts of Pittsburg are seeing new horizontal wells and you might not want to walk away from new royalties. If you list the section, township and range, forum members can check the activity and see if you are in the new activity area.
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Assuming these are mineral rights and not leasehold rights, I would suggest you donate these to Oklahoma Medical Research Foundation. They have a pretty large inventory of Oklahoma minerals and it goes to help understand and cure human diseases.
I wouldn’t sign anything with an indemnification clause. There are also numerous other worthwhile charities. I just suggested OMRF because they retain the minerals and they already own a decent amount.
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Thank you–good advice. Section 08-04N-15E
Thank you–I understand and will check it out. But the indemnification clause is in my favor.
okay, then ignore my advice on the indemnification.
And my other small interest is in OK County: WEHLU Tract 745 SW/4 SW/4 Section 3-12N-4W
No new cases, leases or permits for that section at this time. You have two old gas wells that are very near to the end of production.
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Martha,
This is such helpful information and so appreciated! Just so I am clear on this thread, you are referring to Pittsburg County, right? And any chance you can look at the Oklahoma County interest?
Sorry to be such a bother!!
I’ve heard they offer about 25% of value. You might want to wait.
3-12N-4W no current leasing, no new permits, no new OCC cases. Your well from the WEHLU tract is P&A, but you will get paid on all the other wells in the unit until it ends. It is fairly old, so production may be limited.
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Again, thank you so much. Your expertise and your knowledge of Oklahoma is so valuable, especially to someone like me, with my only experience being in Texas!