Hello, everyone!!
Αs I have already mentioned I have inherited some mineral rights but I live in Greece and have no idea about that and I m trying to ‘‘decode’’ the will.So… Can someone please explain to me what does that mean?
Does it mean that there are more 160 shareholders?
No, it means that at the time it was written, it was 2 undivided acres out of 160 acres IF the rest of the description describes those 160 acres. It would read something like “NW4 of section x, township y, range z” Would have to see the rest of the description. It could mean that the two acres has now been further divided by passing through a few more generations.
Thanks!
And a difficult question
In the will it states that I have inherited (me and three more persons) mineral rights . 160 acres -30 T6N1E Cleveland county.
Is there a case that there are other shareholders? Apart from the will? Because an attorney told me that there are many shareholders beside us
Is this possible?
When you say shareholders are you referring to heirs? It totally depends on the facts, but there can be a lot of heirs that did not inherit anything under the will.
Or are you referring to other mineral interest owners as shareholders? In a 160 acre tract there are more than likely a lot of mineral interest owners that own an undivided interest in the 160 acres.
Yes that’s what i mean i guess
Does that affect me? If I want to lease for example. How that’s possible to happen if there are more mineral interest owners?
I do not understand whether we (I and the other heirs mentioned in the will) are the absolute owners or not. And if we want to take advantage of our mineral rights (shell or lease( how the rest mineral interest owners are involved?
If you have a clear chain of title, then you need to file your name and address and the proof of the title in the county courthouse in Cleveland County. If a company wants to lease you, that is how they find you. (Probably not too likely, the last drilling was in 2002.)
A bit of history, during the Oklahoma Land runs beginning in 1889 and more, tracts of land were granted to the original settlers that were let into the previously restricted lands (Not getting into the Indian Territory history at the moment). Over the generations those town lots or quarter section lots were passed down to heirs or sold. So what may have started with one person owning a quarter section of 160 acres would have been split up many times over the years. (Most sections are 640 acres) The word “undivided” in the description means that your acres are 2/160ths of the whole 160, but not a particular “place” in the acreage. If the word was “divided”, then it would have been carefully described and may have originally been the two acres that the first farmhouse was built on. If there are four of your sharing it now, then you each may have 0.5 acres depending upon how the will was written. You can see that hundreds of people can own very tiny portions of the original 640 acres of the township. I am attaching an article that may be helpful.
The county courthouse holds the records of all those title exchanges. (or it is supposed to-some folks don’t know that they are supposed to file their records).
Okk.Thank you very much for your time.I really appreciate it.Now I have a better picture.
So i guess its not worth it, right?Shell or lease.I mean if we are 4 persons to share 2 acres-its imposible to have profit from that.
Given that you are a Greek citizen, you could have trouble getting title. Given that this is a pretty dead area (right now) and you only have half an acre, it may not be worth your time. If the other folks that inherited are US citizens, then maybe they may have less of an issue in getting title.
Yes maybe you are right.Its not worth it
You could be correct that it MAY not be worth it.
Let me give you my situation. I knew the family owned ‘some mineral rights’ in three states. New Mexico, Oklahoma and Kansas.
We did not know how much, where ,etc.
But I retired in 2013 and I started looking for mineral rights in New Mexico. I had an abstract done on the part we thought we knew exactly what we had.
We were wrong. We ended up that we owned way more than we could have ever thought. And in 2016 my wife retired and joined my search. She was at the Title company for Lea County in Lovington. She came across a quiet title for the family. It showed 360 acres owned by my great grandparents.
Next we started searching at the beginning for those acres and found that between my great grandparents, and two of my other family members - two uncles - the family homesteaded 840 acres back in 1913 & 1915. That was seven year and three attorneys ago. First attorney cheated us. Second attorney ‘lost’ his way. The third attorney is finishing what we started all those years ago. IT’S NOT BEEN CHEAP.
But never say ‘it’s not worth it’ until you have ALL the facts. Because you just never know what happened 100 plus years ago that could effect your family and your fortunes. It could possible mean NOTHING and it might NOT be worth anything.
OR you could be one piece of information that could change everything. Or it might mean you only have one half acre.
NEVER ASSUME ANYTHING. Find out exactly what your family owned all those years ago.
THEN DECIDE if it’s worth it or not.
my best,
OK thanks! Very interesting story!
I understand that it could be very complicated. Who knows what really happened 100 years ago, as you said.
It is a problem that three of the heirs are based in Greece and only one in Connecticut. It is not easy at all to conduct a research. In fact it is impossible.
The question is what is the best choice for us.Maybe we should drop it for now. We have that too.
Is there a possibility that a company would be interested?For lease25-11N-1W is located in Oklahoma County. A rather shallow well was drilled in 2006. McAtee 1 sits in the far SE4 of the SE4. The spacing does not include your acreage which is in the NE4 of the NW4. It has very low production.
I doubt that a company would be interested in leasing in your area (right now) as the well in the same section has such little production and is a conventional vertical hole. The current interest is in the deeper shale zones, mostly in other counties at deeper depths.
Ok i got it.
So you suggest me not to bother at all?To give it up? I was thinking to give it a chance.For lease. In any case, all this is as if it does not exist for us. We do not expect to live from the mineral rights. Even a bad deal would be a profit for us.Maybe really really small profit.But still profit.Or no profit at all. You can’t lose what you never had. I am open to ideas and suggestions.what would you do if you inherited the following Mineral rights
The value of the mineral rights is insignificant now but could be worth a good deal in the future. I would recommend an affidavit of heirship. With a good affidavit with statements of facts and death certificates, time will cure this. I would recommend that the relative in Connecticut do the documents. A significant portion of mineral rights in Oklahoma are passed this way. If uncontested for 10 years, the rights are in your name but most oil companies would lease the minerals based on the affidavits.The most important thing is to get your names and contact information in the records and many times a landman will do the documents to get it to the point it can be leased.
Yes i guess you are right.
We are definitely going to do this… and then waiting…you never know…
If there was a will, you can get it probated. If not, try the affidavit of heirship and file in the proper counties with all the known heirs names. Can’t hurt to try.
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