As many times that they have contacted me, tell me several different stories, it seems they really want me to sign. I asked them that if I do not sign and they drill, I’m still going to get royalties, correct? They said yes, yes I will but not as much as if you signed with us. I think that’s a lie. With as much interest as their is in drilling in this area, how am I going to benefit by getting a little bit of money up front and not just waiting and get my full interest after they drill?
This is a standard form letter that goes out before a pooling. I do not sign them, but I do file them in my files for reference. The amounts are generally close to what the force pooling offers will be. You can lease with them or you can wait for a pooling and then choose from one of the options at the pooling. Many of us choose the highest royalty and lowest bonus because the bonus only comes once and the royalty lasts for not only the first well but for additional wells if they are drilled.
Continental already has a pooling scheduled. You should have already received the paperwork with the application. It was scheduled for January 31. I just checked the docket results and they do not have that date posted yet. It should be posted in a few days as to whether they made a ruling or postponed for a later date.
If you have not received the pooling notice, contact: CONTINENTAL RESOURCES, INC. 20 N. BROADWAY OKLAHOMA CITY, OK 73102 Contact Name: ERIC HUDDLESTON Contact Phone: 405-232-3722
If you do get the pooling order, you only have 20 days in which to make your election. I send by certified mail back to the address in the order and you can also send a copy to the OCC for filing. You will still get your full percent of your royalties if you lease or if you are force pooled.
If you lease with them, they are probably working for Continental which is doing the pooling. Any draft Continental lease I have received need a lot of revisions, so I often end up with the pooling and I am fine with that.
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