Hello. We received two offers to lease our property recently. One expired and the other is waiting to see if we accept their initial offer. 1-12N-18W. We had a major health issue with my mother, the owner, and we are trying to help her out with her business affairs. My siblings and I don’t know much about mineral rights, but we’ve been reading the posts here to learn. We don’t know if the offer is good or not. Is there any way to find out if this area has a lot of activity? I did the search of the Oklahoma Gas and Oil well records and there are some listings for this area. Any suggestions on how to find out if the offer is good/reasonable or if someone is trying to get a cheap deal. Thanks.
You can negotiate the offer. If you have the landman’s name, talk to him/her. Find out why o&g company wants to lease your minerals ( are they planning to drill? If so, what are they looking for -oil or gas?) For how long is lease- most are 3 years with a 2 year option. How deep are they drilling? Reserve your deep rights for a different lease.You might want to have a representative for your family mineral interests. Do your research. Good luck!!
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The only lease that has been filed in that section in the last year was for 1/5th royalty. Belford Royalty took the lease. Most lease offers are a first offer and open to negotiation. I prefer a 1/5th to 1/4 lease with no more than three years in length. The draft lease will not be the mineral owner’s favor, so it is wise to get a good oil and gas attorney to review the lease and make edits that are more even-handed.
There are no pending OCC cases at this time and only one lease, so activity is not particularly high.
If you are new to minerals, the Mineral Help Tab above is a good place to start. A small book called “Look Before you Lease” by Jim Stafford is good.
The OCC has several good publications for mineral owners in OK. https://oklahoma.gov/content/dam/ok/en/occ/documents/og/pubasst/royalty-owners-booklet-102022.pdf
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Make sure you get a 1/4 royalty. Do not use their lease form.A good oil and gas attorney will have a much better lease form or join the TLMA and use their form.
Welcome to the form ! All that I can really tell if you sign a lease be sure to get paid , a lot of companies try to get the lease and hold it and resell it later for more money then pay you after they keep the extra money ! Good luck and welcome
Many years ago, we were new and o&g company would make us wait 10-20 days before we got our lease checks. It was irritating because the oil company would already have access to our minerals & we were still waiting for our money. I can only tell you our experiences. Definitely do your research. There is so much to learn and it’s so much fun! My biggest gripe is being charged for processing the products for use. I think that should be o&g companies expenses.
TLMA is for Texas. Texas Land & Minerals Association. The question is for Oklahoma which has very different lease language.
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Thank you for all the information. I tried the Mineral Help link at the top but I get errors and the pages won’t load. I’m eager to learn more! Thank you for taking the time to give me some information!
The problem with those links has been fixed. Feel free to try again.