Hi Everybody, I'm a new member and am trying to learn about negotiating lease offers on mineral rights I have inherited from my Mom. I received an offer of $500. per net acre with 3/16th. The lease contained a title warranty clause which I understand is something to strike. How should I proceed?
Was the offer from Jackfork Land Co?
They represent Continental Resources which is doing most of the current dirlling in Grady county.
I recently got $800/ac, 3/16, for a track in 7N-5w from Jackfork. You could probably do bettter. How many acres?
Patricia, striking the warranty clause is a good idea, you might also ask for a depth clause. Also it never hurts to ask if that is their best offer. For more information click on forums above and go to leasing help or landman discussions and ask some of the O&G professionals on those forums. Depending on the amount of money involved you might want to hire an oil and gas attorney to negotiate your lease.
Thank you for your reply, Gary. The offer was from Cindy Hoffman at Northwest Oil & Gas. They bundle & market. She told me Chespeake and Cimarex was operating in the area. I asked her to compute my acreage from the legal and she reported approx. 5.50-6 acres. Is there a formula for computing acreage from a legal? Obviously there must be; I'll try to find it as I have quite a few small holdings throughout Okla. that were purchased the the 40's by my grandfather and great uncle.
Gary Moore said:
Was the offer from Jackfork Land Co?
They represent Continental Resources which is doing most of the current dirlling in Grady county.
I recently got $800/ac, 3/16, for a track in 7N-5w from Jackfork. You could probably do bettter. How many acres?
Thank you for the tips. This site is going to be quite helpful, I think.
Michael Hutchison said:
Patricia, striking the warranty clause is a good idea, you might also ask for a depth clause. Also it never hurts to ask if that is their best offer. For more information click on forums above and go to leasing help or landman discussions and ask some of the O&G professionals on those forums. Depending on the amount of money involved you might want to hire an oil and gas attorney to negotiate your lease.
Patricia,
My name is Dan Moore, and I am Gary's 1st cousin who lives in California. I recently leased some acerage in McClain County, but I also hold the rights to some acres in Grady. Can you give me the name and phone number of the people who did your lease deal. My email is dannyfrankmoore@yahoo.com.
Thanks
Dan Moore
Patricia Roselius said:
Thank you for your reply, Gary. The offer was from Cindy Hoffman at Northwest Oil & Gas. They bundle & market. She told me Chespeake and Cimarex was operating in the area. I asked her to compute my acreage from the legal and she reported approx. 5.50-6 acres. Is there a formula for computing acreage from a legal? Obviously there must be; I'll try to find it as I have quite a few small holdings throughout Okla. that were purchased the the 40's by my grandfather and great uncle.
Gary Moore said:Was the offer from Jackfork Land Co?
They represent Continental Resources which is doing most of the current dirlling in Grady county.
I recently got $800/ac, 3/16, for a track in 7N-5w from Jackfork. You could probably do bettter. How many acres?
Danny and Patricia - call Jackfork Land at 405 840 5999 and ask if they are interested in leasing. Give them the section, township and range.
Thanks so much, Gary. Will do!
Gary Moore said:
Danny and Patricia - call Jackfork Land at 405 840 5999 and ask if they are interested in leasing. Give them the section, township and range.
Patricia, It really depends on how accurate your family record keeping has been. Over 60 years the deaths, divorces etc. have probably sliced and diced the original holdings into small pieces. Usually the county clerk records need to be researched, preferably by a professional landman.
Well, actually, I've done quite a bit of work on that, as our family was small and this was a bequeathal from my Mom's Dad, directly to her and then, upon her death, directly to me. All deeds have been recorded correctly. However, just in case, is there anyone you would recommend?
Michael Hutchison said:
Patricia, It really depends on how accurate your family record keeping has been. Over 60 years the deaths, divorces etc. have probably sliced and diced the original holdings into small pieces. Usually the county clerk records need to be researched, preferably by a professional landman.
Patricia Roselius said:
Well, actually, I've done quite a bit of work on that, as our family was small and this was a bequeathal from my Mom's Dad, directly to her and then, upon her death, directly to me. All deeds have been recorded correctly. However, just in case, is there anyone you would recommend?
Michael Hutchison said:Patricia, It really depends on how accurate your family record keeping has been. Over 60 years the deaths, divorces etc. have probably sliced and diced the original holdings into small pieces. Usually the county clerk records need to be researched, preferably by a professional landman.
Patricia, If you are happy with your dealings with Cindy Hoffman you might ask her, assuming she is a Landman( person? ). You could also inquire on the Landman forum I mentioned above. The deeds I inherited had an exhibit with them that stated the amount of mineral acreage my Grandmother owned, so all I had to do was divide the number of acres by the number of beneficiaries. I ended up with one fair sized chunk in one county and a bunch of tiny pieces in others.