Pooling is a type of forced leasing that happens when an operator is ready to drill and the leasing is not 100% done. It is overseen by the Oklahoma Corporation Commission. It will be limited to a certain number of reservoir zones and have a time limit of 180 days or 365 days (unless extended). You will have several choices of bonus/royalty pairs. The terms of the pooling are your “lease”. The OCC will hear the operators case and then set those terms. You will have 20 calendar days in which to answer or they will pick the lowest royalty option for you and hold the funds in suspense. Then drilling can move forward.
You can lease with their leasing agent or any other agent up until that 20 days ends, but I don’t like to wait until the last minute. If you are new to this whole thing, I would encourage you to read the Mineral Help Tab above and read over all of the Grady discussions for the last few months. You need to get familiar with what lease clauses are good for you and what are not and need negotiation. Come back and ask lots of questions. Most of us that have been mineral owners for a while would probably not sign the first lease that was put in front of us or accept the money offer either. Important to get the best deal that you can because it may hold your family for decades.
Martha,
One of the tracts, 34/8/5 Grady county had filed a pooling order showing my grandfather as a respondent but was then dismissed. Does this mean they weren’t able to drill?
As far as section 34-8N-5W goes, it looks like Newfield is getting ready to drill 6 additional wells. That is in addition to the already completed DAVIS 1H-34X. Newfield will have one year from Oct. 16, 2018.
The dismissed pooling application was for TRP MIDCON, LLC.
Thanks Don. Does that mean the pooling order still stands? If so, I would need to Contact Newfield for royalty rights change of ownership. These were minerals in my late grandfathers name we didn’t even know we had. If I had more info as far as the legal, I could chain title back to see where it was originally vested to him. Discovered this by searching respondents. Pooling order was filed in 2017. He passed away in 1988. They were not able to locate him by mail, therefore his interests were pooled.
T
Does anyone know what’s going on in this area? 20-9N-8W. I have some acreage that is available for lease. TPR and Newfield just got bought out. Thanks!
I also own in 9-8 and am looking to lease as well. Do you mind letting me know if you had a good experience with andvthe company you used. Thank you so much!!!