Another newbie caught unawares!

My grandparents bought 15 acres in Creek Co. nearly 100 years ago. It passed from them to my dad, and he sold it around 1964, but kept the Mineral Rights, because as he said, "You never know. Maybe some day!" I hadn't thought about this thing more than once or twice over the last 50 years, and when my dad passed away in '87 it didn't even cross my mind.

Yesterday, I received an offer from a Landman, stating that I am the apparent owner of the Mineral Rights, and he offered $200 acre - 1/8 share. 3 yr lease, 3 yr ext.

The property is Sec, 16, Twp 14, Range 10. I did a search on the county site, and found that the surface property owners signed a lease with the same co. (Troubadour) about 2 weeks ago.

At 67, I am the only surviving grandchild of my grandparents, and also only surviving child of my dad. I'm looking for some guidance to: 1) get the Mineral Rights officially in my name. 2) Make sure I don't 'blow it' and sign away what could be my retirement income, plus future support for my family.

Where do I start? I don't want to just sign the offer and send it off. I need education!

Join Grady and Stephens Forum and start reading back on the comments and you will get caught up and get all your questions answered. A lot of experienced, very knowledgable people. Until you do this don’t sign anything.

Wonderful! Thank you!

Karla Scherling said:

Join Grady and Stephens Forum and start reading back on the comments and you will get caught up and get all your questions answered. A lot of experienced, very knowledgable people. Until you do this don't sign anything.

If you think it will help accept my friend request and I will give you my # and try to get you going . To start with do not take an 1/8 and do not give extension option.

Prentice, I second Karla's info. I too was new to all this oil & gas info. There are a lot of well educated and experienced oil people on the stephens and grady county site. Just ask and you shall received. Not sure what is happening in your county, but that first offer is very weak.

You need to research what you are sitting on. What formations are under you and how many layers. You don't have to give the landman ALL your layers in a single lease. I have 100nma in SE Colorado that is sitting on a very rich shale formation. The same type of formation in the Utica Shale has been going for thousands per acre signing bonus. If there is 'something' down there, you want to get the best price you can for it, especially if they are going to do horizontal drilling. Also look around your area to see if any other mineral owners have formed a group in order to negotiate the best price. Good Luck!