I have a question. I am very new at this and I have received these mineral rights as an inheritance from my deceased grandparents. I have received several offers to purchase my mineral rights. Their question to me is how many acres do I have and what percentage is my royalties. I don’t know how to find out this information. I do have other mineral rights in other areas but I still don’t know about those either, if someone could help me I would appreciate it greatly. My grandparents were James and Mary Teel.
Any time you get offers to buy, something is probably up. They know something and they want to make a profit off of you. So you are wise to slow down and find out what you own. You need to contact Casillas Operating LLC and inform them that you have inherited from the Teels. They have the Foster well and you need to get into pay status and find out if there are any back royalties due you. They may not know that you exist and are trying to find the heirs. There may also be a second well. Ask them your net acres, royalty and ask for a copy of the lease so you will have it in your records. You may also have royalties from the Purdy Hart Sand unit which is a very old water flood unit. Ask them about that. Also ask for any pooling bonus if there is one. I see a Teel name listed on the pooling order from 2018.
It is very likely that since these horizontals are new, the buying companies want those deep royalties and hope that you do not know about them. If it were me, I would hang onto them and get my title straight before making a decision to sell. Most offers I have received are low in amount compared to the currently producing wells and future potential.
If you are new to mineral ownership, read the Mineral Help above. Read through the Garvin forum to see what is going on. This Purdy area is pretty busy with deeper wells getting drilled. National Association of Royalty Owners is a good group to consider for gaining information, education, networkings, etc. (www.naro-us.org). Mark the Garvin county topic as “watching” and you will see other questions as they pop up. Ask tons of questions!
API #: 35-049-25188 Type of Drilling Operation: HORIZONTAL; Permitted Oil and Gas
Notice of Intent: Drill
| Operator: | CASILLAS OPERATING LLC | Lease Name: | FOSTER |
|---|---|---|---|
| Operator Address: | PO BOX 3668 | ||
| TULSA, OK 74101-3668 | Well #: | 1-8-5WXH | |
| Mud Systems: | Water, Oil | ||
| Contact Name: | Ground Elevation: | 1,001.0 | |
| Contact Phone: | 9185825310 | Total Depth: | 19,630 |
API #: 35-049-25185 Type of Drilling Operation: HORIZONTAL; Permitted Oil and Gas
Notice of Intent: Drill
| Operator: | CASILLAS OPERATING LLC | Lease Name: | FOSTER |
|---|---|---|---|
| Operator Address: | PO BOX 3668 | ||
| TULSA, OK 74101-3668 | Well #: | 1-8-5MXH | |
| Mud Systems: | Water, Oil | ||
| Contact Name: | Ground Elevation: | 1,005.0 | |
| Contact Phone: | 9185825310 | Total Depth: | 21,332 |
| Approval Date: | FEB 6, 2018 | ||
| Start Date: | FEB 6, 2018 |
LaRea:
Just ran your name through county records search and did not find your name for that legal description. Also ran your grandparents names and could not find any probate orders recorded in Garvin County. Sometimes the probate orders describe the number of acres.
Is it possible that there has not been a probate in Oklahoma?