Wow. We have a lot to learn and this forum has been so much help. We are, however, caught between two firms in a process to lease our mineral rights and any advice on our particular situation would be most appreciated.
We understand there is significant action in the area and, as expected, the firms making offers are downplaying the action, pointing to lower oil prices as a potential for companies to simply stop their efforts in the area. So, IS there significant action in this area?
In November, Native Exploration filed a “cause cd no 201809479-T” listing some 160 owners, our grandmother was one of the three addresses listed as unknown. Someone found us, as the heirs to her estate. I’m not qualified to go digging in the records for the OCC to see exactly what’s going on so if anyone of you know, would you share?
The eastern line of 9N-4W is not as valuable as other Sections in the county. As you stated above, I believe Native is the only one who has filed for anything. As far as “action”, there is not much. I was offered $6,500 an acre to purchase my minerals in section 1 at 3/16 royalty and I am thinking about selling.
I am in 24 and they I think just approved spacing at 640. So the Eastern line is not a problem. Maybe it is a problem on some of the ones in the very eastern part of 9N 4W. The interest is huge in 9N 4W that I have gotten. I have a 1/5 lease there in 24.
Just be aware that this will probably mean that a probate will be required in the future. Companies are often willing to lease but when it comes time to pay royalties, they may may require that the inheritance be judicially established.
Definitely plan to lease although the first company to solicit us offered a measley $500 per acre to buy it. A lot of your posts on here showed me we could do better. We are up significantly, at this point, to lease. The agents are doing exactly what I read on the forum, low-ball bids, minimizing potential for profit from the well, “reminding” us that they could withdraw the bid at any time. A quick google search says oil prices are going up this year…maybe we should hold out for a bit.
Definitely. The agent says curative action will be part of the work they do if we lease from them. We are confident in the chain of ownership as the family used to collect royalties on this land back in the 60’s.
After 100-200 offers to buy, I am thinking it may be valuable. Especially, after the intent to drill , 2 days ago. Anybody that reads this and is in 24 do not sell IMO!
