Hi all,
I am new to the Forum and newish to leasing mineral rights. I've inherited mineral interests in McClain County and have received an offer for $3500/acre X 1/5 royalty. I would appreciate any advice or input on where I can research whether or not this is a good offer?
Thank you in advance!!
I think that offer is a bit low. The section next to you (4) had an offer for $5000 22%. Section 1 9N-5w, two miles away was auctioned at $6500 3/16, so you can ask for more.
If you are new to leasing, make sure that you get the protection clauses that will not be in the first draft lease they send to you. It will be all in the operator favor and not yours. Friend me and I can walk you through the ones that are missing. You can add them in an Ex. A and protect yourself better.
I received an offer for a mineral interest lease last week for a tract of land described as being in the W/2 of Section 6, Township 7 North, Range 3 West, McClain Co., OK, which apparently was owned by my grandfather and left in my name. He died in 1985, however, and it’s as yet undetermined how many acres he owned or if it might have been sold. No records in OK. Fortunately, There is a probate trail that I’m following, but any insights into activity in the area would be helpful.
The initial offer was for $1,600 per net acre bonus for a 3 year term with a 2 year extension, having a 18.75% royalty 3/16th. Based on my cursory review of recent discussions, that seems low, but I’m also new to the forum and learning about the topic as I go.
Thanks to all for any help you could provide!
Do you have any info on leases in S4 8n 4W in McClain County? Our lease is up 12/17/2017.
S10 7N 4W McClain
Thank you.
Closest pooling to you recently was in section 7 and was for $5750 3/16 $5500 1/5$1000 22% $100 1/4.