I’m new at this and have done some investigation at https://bogapps.dnrc.mt.gov and found that the #Field has had some production in 2022, 2023, and 2024. I was approached by Kraken Oil but since it was a recent inheritance I never accepted an offer.
There can be hundreds or more owners in a section depending upon where it is located.
NE4 means the Northeast quarter of a section which usually has 640 acres. The NE4 usually has 160 acres, but you probably would not own all of it.
Thank you, how does one find out how much acreage they own?
Go to the probate documents first as they might state exactly what you own. Also contact the operator to tell them that you inherited and get into pay status if there is production. Ask them what net acres they are carrying for you. You will need to tell them the ancestor, date of death and probaby provide a death certificate and probate documents. Contact their division order department.
Talked to a Landman last night I have 2.2 acres. My brother and sister have the same so we total 6.6 acres and wonder if getting a lawyer makes sense.
No reason to get an attorney unless your efforts to find the operator and a simple certified letter return receipt will work first. If you list a section, township and range, we can help point you to the correct operator.
Thank you, you are very kind to share your experience with all these questions. The question of an attorney to review if surface rights should be negotiated. This is the extent of the offer. Our offer is below:
1,000/net mineral acre 3 year term 18.75% royalty
At this time, 33 has no old wells and no current production. At this time, 34 had the Luff Exploration- Sjostrom 1-34 well back in 1979-1996.
Leases have already been filed at 20%, so ask what they are offering for that royalty. Chord Energy drilled the horizontal wells in the sections nearby.
It would be wise to join with your brother and sister and share the costs of an oil and gas attorney to review the lease. It could hold your family for generations, so better to get some of the clauses in the lease changed to more favorable terms for you. The draft leases are not in the mineral owner’s favor. DO NOT lease both sections together. Lease them each on their own identical lease.
Ron,
You stated “The question of an attorney to review if surface rights should be negotiated. This is the extent of the offer. Our offer is below:”
The document you shared is a quitclaim deed and is not a lease.
Signing this document will be a sale of everything you own - minerals and/or surface. Do you own the surface as well as the minerals? Your family needs to really determine what interests you own before entering into a lease, let alone selling your recent inheritance.
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