America’s conversation place for mineral owners
The wells you see on your section are older; one was drilled in the late 1950's and the other in the early 1980's. They are now plugged and abandoned, meaning at one point they produced oil and gas, but the then-targeted reservoir has since run dry and is no longer economically feasible to attempt to restore production. Don't let that worry you though, both of these wells were drilled to a depth of approximately 4,150 feet, so there may be some interest in leasing and developing your deeper rights. I'm not too familiar with the Oklahoma geology layout, but I know down in West Texas operators are drilling down to 11,000' into the Wolfcamp formation.
I don't see any permits or anything filed since 2014 by Devon in your section, so you are correct that nothing has come of it. However, White Star Petroleum operates some horizontal wells near you, so that's good news.
As far as drilling costs, this is an extremely capital intensive industry, meaning it takes a lot of up front investment. Drilling is very expensive, with horizontal wells costing millions of dollars, so operators try to be very certain about how much oil/gas lies underneath a particular area.
As far as payments to you, the mineral owner and potential lessor, you will not receive any sort of royalty payment stream until a well is drilled and production is established. However, you WILL receive a "bonus" up front for signing a lease. The lessee should pay you a certain dollar amount per acre that you own. For example, in West Texas we lease minerals for $5,000/acre, which we pay to the mineral owner/lessor right away. If we don't drill, they keep the $5,000/acre and can sign a new lease and again receive a bonus payment once the current one expires. If we do drill and hit oil, then they keep the $5,000/acre bonus still, AND receive monthly royalty payments. Please note that the bonuse amount per acre will be similar to what the going rate it for your area. $5,000/acre is from West Texas, but I am not sure about your area.
So, to sum it up, your section is not producing and I do not see any active permits. If you sign a lease, you get some money right away called a lease "bonus", which is yours to keep. Then, if a well is drilled and production established, you will also receive monthly royalty payments. If a well isn't drilled, then the lease expires and you can do this all over again.
If you have any questions, let me know.
One way to check for any subsequent leases would be to conduct a search in the Payne County public records. You would need to find an online service to conduct this search, and you would want to search your grandmother's name as well as those individuals who inherited her interest. If you are unfamiliar with searching the county records, then I would advise you to contact a landman to do so for you, although it will likely not be free.
In regards to who has to sign the lease, it depends. If your family appointed a certain individual to act as agent and/or attorney-in-fact on the family's behalf, then he/she would have full power to sign leases. However, if no such power was appointed, then each family member who owns an interest would have to sign individually.
As far as determining net acres, that is not a simple task. If you know what the total bonus was that your grandmother received, as well as the amount per acre, then I can use simple math to determine the net acres. However, if you do not have this information, then the only way to figure out the answer would be to run title on the section, which would again require hiring a landman and could take a few days to a couple of weeks to determine depending on how difficult the title chain is.
I have access to DrillingInfo.com, which is an extremely useful, but very very expensive tool. That said, I can do a quick search to see if there are any subsequent leases after your grandmother executed one. I just need your grandmothers full name, as well as the full names of her heirs. If you do not wish to share such information on here, then please feel free to send them via a private message, or email me at firstname.lastname@example.org.