Some of my cousins and I have received leasing offers for our mineral rights in Sec 13-11N-11W, Caddo County, OK. These offers range from $500 to $1000 an acre x 3/16th x 3 yr, which, I think is a big spread.
There is 1 gas well in the NE/4, plus 1 oil well and 2 ‘other’ wells in the S/2 of the section.
Just wondered if anyone has heard of anything getting ready to happen in that area.
Several companies are in that township leasing. the main ones are Classic Resources, Puzzlerock Resources, Silver Oak Energy, Superior Title Services and a few others. Filed leases show 1/8th, 3/16ths, 1/5th royalty amounts. Bonus amounts are tied to the royalty amounts. Larger bonus to lower royalty. Lower bonus to larger royalty. I prefer a larger royalty since the royalties from a successful well(s) over many decades far outweigh the small one time bonus.
The three wells in your section have been plugged and abandoned so you are free to lease again.
Suggest that you and the cousins get a good oil and gas attorney to review the draft lease as they are not in the mineral owner’s favor and need proper edits for a better lease for you. I will never turn over a signed lease without getting paid. I have a third party (accountant or attorney) hold the signed lease until payment is delivered. If I cannot get a good lease, then I have no problem going to force pooling as it has its own advantages.
Horizontal drilling is moving into that area of Caddo, so that is why you getting interest.
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Where did you get the information on filed leases?
www.okcountyrecords.com is a good source for looking up leases.