Anyone have experience with mineral rights leasing?

[Oklacarcollecto]

I sold a tract of ground some years ago but retained the mineral rights and I have been contacted about a 3 year lease on it by an oil company.

Anyone have any actual experience on what I should do and what I should not do?

 

[GaryS]

Here's some info.

http://www.americanroyaltycouncil.com/Portals/_default/Skins/ARC/tutorials/leasing.html

Not sure if OK has a state office that monitors such things, but you might try a search on the OK government website. In my case, I inherited a lease in effect in another state, so can't be of much help as far as negotiating. The price pretty much depends on drilling activity near the property in question, and also if the target product is oil or gas. You should also be aware of any "pooling" laws that might be in effect in your state that a drilling company could use to your disadvantage.

 

[67Dart273]

Just remember that "they" can afford better lawyers than you can, and "they" that is "the thems" have seen every possible scenario for the last 200 years.

 

[Oklacarcollecto]

Here's some info.

http://www.americanroyaltycouncil.com/Portals/_default/Skins/ARC/tutorials/leasing.html

Not sure if OK has a state office that monitors such things, but you might try a search on the OK government website. In my case, I inherited a lease in effect in another state, so can't be of much help as far as negotiating. The price pretty much depends on drilling activity near the property in question, and also if the target product is oil or gas. You should also be aware of any "pooling" laws that might be in effect in your state that a drilling company could use to your disadvantage.

Thank you for the link.

 

[krazykuda]

I have a retired great uncle that was a world leading geologist....


But I don't know about that stuff.

 

[FJ5]

I wish I knew. I don't own the mineral rites. My son and I were out walking on our land today when we came across two sets of large foot prints (human). We followed the tracks all the way back to a 6 foot tall stake marked well site "Scott-1". No one called me or asked me a single thing. But looks like I'm gonna have a well on my property. I wonder if I'm entitled to any compensation?