I’m new to this game, how do I figure out how many acres this is, and information about currently or projected production? Thanks!
1 Like
The post at this link Information for Inexperienced Royalty Owners would have some helpful information for you.
Welcome to the forum. Take a big breath. Lots to learn. Not exactly a simple question.
You have to start with what information you have. Do you have probate documents? Do you have a deed, any current production Division Orders? You probably have the Porter 32-13-8 1H since it is still online. Devon will have the net acres that are assigned to you from the Porter well (most likely). You can contact them to get the division order copy from that well, a copy of the previous lease that holds it and a copy of the title paragraph that pertains to your piece of the acreage. You may have production from the Porter 1-5 well if you acreage is in that spacing. If you just inherited, you will have to give them probate documents to get into pay status.
You need to start putting together a big file on the acreage. First, find out how you got it. Then you will need to make sure that if you have other acreage, you name and address are filed in the correct counties as well. If you have relatives and you all just inherited, then hopefully you get along and you can band together to have more power as a unit. You can sign things under your own authority, but if you negotiate together, you will have more acres which gives you more power.
Paloma Partners has quite a few wells planned for that section. If you are new and getting sales offers, SLOW DOWN. Perfectly OK to ask whomever is offering you money what they have in their records as to what you might own, but do not make any promises to sell. I have found that most sales offers are substantially below what I think the acreage is worth based upon surrounding wells, potential production for my acreage. Whole bag of data to unpack there for another time. You are not just talking about one well here. It is a much bigger picture and it will take some time to get fully informed. This is a decades long situation, not a quick payout, so take some time to get oriented. Quite often when there is an increased density hearing, there are massive mail outs of offers to buy to everyone on the respondents list.
You will need to understand the production from the wells around you and the future potential of your acreage. You need to read the posts in the forum on Canadian county to get a feel for what is happening. This is quite a prolific area. Read the investor presentations for Devon Energy, Paloma Partners (if available), Chaparral, Cimarex, etc. to get a feel for the area.
Come back and ask lots of questions. I can give you the Oklahoma Corporation case numbers for the current pending operations if you haven’t already gotten them in the mail.
1 Like
Wow that’s a lot! There are no probate papers as my mom did a transfer of deed on death and those papers have already been filed at the courthouse. We are already receiving funds I’m just trying to figure out what all I need to know about this.
Read the article that Monty posted. Good stuff. NARO can be very useful to join and learn from. The forum folks can be quite helpful.
If everything you have is in production, then there are not many decisions that you have to make since the process is in motion and will continue on that path as long as there is production. If you have open acreage, then get familiar with your properties. Put your files in order. Nice little book by Jim Stafford called Look Before You Lease. On Amazon. A bit out of date, but still really good basic info.
Good job. Some people don’t realize that in Oklahoma this must be done within 9 months of passing.
FYI Native has just completed their leasing in this section… or so I was told 
Gerald
Welcome to the forum!
Unless the offers you have been receiving are greater than $14,000/ac in this section I’d be throwing them in the trash for now, just my two cents!!