America’s conversation place for mineral owners
First, sorry for not sharing all information listed above, but I only need some general questions answered. I am new to this and this is my first experience with a mineral lease deal.In the last couple of years we have become owners of mineral rights in Okla. It was put under a 3 yr lease with Chesapeake in 2005 but has had no production since 2010. We have been offered a new lease with the a new group of land people saying they will "go to court and clear the old lease off the mineral deed"..offering less bonus than I think they should because of "their court cost to clear mineral rights deed." I called Chesapeake myself to get the lease dropped and found out they sold it to 4 Point Energy in 2015. I spent the last 2 days speaking with 4 Point, and they said that all I need is to write a letter to their Owner Relations Dept that we want out of the lease, and they will send me a letter. They said all I need to send is our owner number and the request to their owner relations department.
My questions I have about this letter are (1) will 4 Point Energy have it recorded in county seat or do I do it ? (2) Will it be signed and notarized or just a letter. I apologize for my ignorance. We actually hired a lawyer who was supposed to be well versed in oil/gas leases and has helped some but is hard to get on phone to answer questions. Thx so much in advance! Any information would be greatly appreciated
Also has anyone had experience with landmen " going to court to clear old leases?' Is this a somewhat standard practice or just a ruse to pay lower bonuses?
Lastly, I apologize for not sharing too many details. I am just being cautious because this is our first lease experience, and I am trying to do the best for my family. If someone wants to send me a private message, I would be happy to share more info and would appreciate opinions about bonus price and royalty %. Thx in advance