Hi, My brother and I recently found out through a request to buy letter that we are heirs to property with this description in Kingfisher County. It looks like this area was pooled in 2016. What does that mean in terms of getting our names on as owners and leasing it? If the state has money...which we are working to get how much would it seem likely that the driller would also have more $ that they are holding on to? Also looking to understand the fair mnethod of payment to an attorney to help us with this.
First, because you received an offer doesn't mean that you own anything so before you sign anything you are going to need to do some searching. You will need to know who you inherited the property from, if it is land or mineral rights, or both and then do a deed/title search. When you have the name(s) from whom you inherited you can start searching the Kingfisher County Clerk's records online to see if you can find anything there. If the deed(s) are recent they may be available online if not someone will have to go to the County Clerk's office and search the land books. From what you say I'm guessing you are already searching the Oklahoma State Treasurer's site online for unclaimed property. If you have no experience with minerals this will be a learning experience, will take some time, and will probably incur some cost if you end up having to hire someone (a landman) to check the chain of title for the property/minerals that you believe you may own. This is just a starting point. I'm sure you will get more replies from others. My minerals are also in Kingfisher and it's been a chore the past two years to get an accounting of what we own. Also, I would advise you to NOT get a lawyer until absolutely necessary, hire a landman directly first, an attorney later only if you need one.
Thank you for your advice! It appears that this is a Mineral Deed dated in the late 1920's. We have called an attorney but I'll have to learn why I wouldn't want one until later.
An attorney is probably going to do what you can do directly which is get a landman to do the research. If the deed is 1920's it's probably too old to be online so someone would have to do a search in person at the county clerk's office. If you get a lawyer you need to get one who is VERY knowledgeable about minerals or you'll end up paying more. You can save a lot of time if you can build a family tree going back to the date of the deed, this will make it easier for anyone searching the county clerk's records to establish a chain of title.
Don't even consider selling until you have every bit of information in your hands. The section to the south of you has six wells and you only have one well right now. And only a small piece of that one. Lots more potential to come and that offer is probably no where near what the value actually is.
Since you were pooled, you were "force leased" essentially. You cannot lease at this point and are held by the pooling order. You probably got the lowest royalty and the highest bonus and it is being held by Newfield and not the state since it is less than seven years ago. They are holding the revenue from the Jolee 1H-5 well for you.
Accept my friend request and I can send you many of the related documents that you need to have to start your search.
Thank you for your help! My email is firstname.lastname@example.org. I didn’t see a friend request and don’t know how to make one. I am new at this site.
Will email you.