I have a family member that is gifting me his mineral rights in Caddo county Oklahoma. What is the process for transfering mineral rights from person to person? Local attorney in Illinois were we live wasnt much help as he is not licensed in Oklahoma. Any suggestions or attorneys in Oklahoma??
You will do so via a Mineral Deed. You are right, it should be done by an Oklahoma attorney that is well versed in Oil and Gas rights.
I believe you can look under the directories tab at the top of the page for Oklahoma licensed attorneys.
This is at least a two step process. First is the deed that needs to be filed with the land records. Then you need to provide any company producing minerals a copy of the filed deed along with a IRS form W9. This can be handled through the mail.
This post is not legal, tax or investment advice. Reading or responding to this post does not create an attorney/client relationship.
I should mention that the wells are shut in. I’m sure there is little to no monetary value at all. It has more sentimental value than anything.
If there is no production, then it is just a matter of having the deed recorded. Make sure your address is up to date on the deed. This is important because if companies become interested in the future they will know where to reach you. You may also want to make probate avoidance provisions in your estate plan so that future heirs will avoid expenses.
This post is not legal, tax or investment advice. Reading or responding to this post does not create an attorney/client relationship.
Thanks for all the information.