Hi, I just posted a more general question and seriously hate posting again immediately -- I apologize -- but have a more specific question that I felt might be better under a different thread.
I just received two lease offers on rights in Section 28, Township 8N, Range 7W but I also received a pooling order. It seems from reading other threads, that once there's a pooling order, those are the terms and therefore the two leases are moot. But I wanted to make sure and to see if there's something I need to do in response to the pooling order.
Here's more detailed info:
The pooling order is for Continental and seems to give an option between a $1,050 per acre bonus + 1/8 royalty, or $1,000 per acre bonus + 3/16 royalty and I can't find where it discusses the length of the lease. It was signed August 6th.
One of the leases is from Continental (via Jackfork) and was sent to us on August 7th. It's for 3 years, offers $500 NMA, and 3/16 royalty.
The second lease is from Devon Energy (via Vernon Smith) and was sent to us a few weeks before that. It's for 2 years, $250 NMA, and 1/4 royalty.
Thanks for any thoughts you have and for help as I try to learn how this all works!
~Carrie