Section 31-13N-06W

Oklahoma Mineral Rights Canadian County, OK
1

Hello all,

I'm new here so if I get off par on where to inquire, please let me know. I received a lease offer for a minuscule amount of interest I own in Section 31-13N-06W. Can anyone give me a fair market value estimate per acre? My offer is for $450/acre at 3/16 royalty.

Any help would be much appreciated

Thank You!

2

I recently received an offer very close by for $1000/acre and 3/16, or $800/acre and 1/5.

3

Thank you JW. May I ask if that offer was in the same Township and Range?

4

I have received a offer of $400 per acre and 3/16 in township 11 range 5. We are south of you . I see a lot of drilling just west of you. Not sure what is right for either of us. I contacted the company and they are not willing to raise the price currently.

5

Thank you John. I appreciate it.

6

Yes, same township and range, but about 3 miles NE.

Offer was from FerrellOil (405)606-8383

7

Thanks again JW



JW Anderson said:

Yes, same township and range, but about 3 miles NE.

Offer was from FerrellOil (405)606-8383

8

Ben There has been a spacing filed for the w/2 of section 17 & 20 for a horizontal well . If you have a small interest I would be in no hurry to lease and maybe wait for the pooling order. If you do lease the terms of the lease are very important. They have also filed for spacings for sections 11,14,22,24,33,34 . If you have a small interest a 1/5 or 1/4 might be better with less or no cash bonus.

9

Thanks Ron,

The offer is from Griffith. I have contacted them, but informed that I was looking for a 1/4 with no cash bonus. Additionally, I was going to strike the warranty clause, and have an exhibit including depth, pugh, and no-deducts clauses. Do you have any other clauses you would encourage me to request?

Griffith informed me that the only offer they had for now was the $400/acre at 3/16 royalty. I would like to hold out a little bit and see if there are any other companies competing for the interest who might offer what I am looking for.

This is my first time to lease, so I am being very cautious even though the interest is very small. I appreciate all the feedback very much.

Thank you!

Ben

10

time limit on shut in royalty clause and some ask that it cannot be transferred. to strike the warranty clause may not be enough because it is implied ,state that it is not given or implied in your exhibit. If you would like to call send me a friend request and I'll give you a # . I'll see who might be leasing around there .

11

I just sent the request. Thank you sir.