My siblings and I have been getting numerous texts and phone calls to lease this section in Caddo Sec 22-09N-10W Caddo County OK. We finally got something in writing in an email with one option being1,200 per net mineral acre at 3/16th royalty or Option 2, lease your interest for a bonus equal to 1,000, per net mineral acre at 1/5 royalty, or Option 3 lease your interest for no cash bonus at 1/4 royalty. No mention of 3 year, or any time frame. I am not aware of any activity in this area, or who Paladin Land Group is. Any information would be very much appreciated. Thank you Forum, you have been very helpful in the past.
Paladin Land Group is an agent for an operator. Rosebud, Todco and Continental Resources (likely operator) are also leasing heavily in that township. Most leases in the area would probably be for three years. Many of us would take the 1/4th royalty as a first choice. Or the 1/5th if you wanted some cash up front. Continental has filed a horizontal permit in the township to the east-planned for the Woodford.
The lease clauses are the most important issue, so recommend that you get a good oil and gas attorney to review the lease. Most drafts are not in the mineral owner’s favor and need significant edits. If you cannot get an acceptable lease, then pooling has its own merits.
I would not sign any intent letter since I would not want my signature on a document before reading the lease that they are proposing.
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Thank you for your reply. We have signed a lease with Jackfork, now Paladin Land Group is wanting us to lease the same section, Caddo section 22 9N-10W. I would assume this lease is visible at the Caddo county records. It seems Caddo county is heating up as we also have another lease offer with Grasslands Acquisitions, LLC in Caddo section 34 8N-10W. 4 year paid up oil and gas lease, 1/5 royalty on producing wells, 1250 bonus payment per net mineral acre. At what point does the leasing agent reveal the lease clauses? It seems they just want us to sign the dotted line of their offer. Thank you again for all your input and knowledgeable information.
Get them to give you a hard copy of their offer in writing and email you the same. I would not agree to anything in a verbal agreement. Get the landman’s name, email address and cell phone # always. Also get them to give you the contact information of the Broker they work for. Always try to lease to the company and not the brokers name. Know who you are dealing with. Good Luck.
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You can look up the lease if it is filed in the Caddo online portal. Login
Different agents act differently. Ask for an actual draft of the lease for your attorney to review.
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