A few weeks ago a land man called out of the blue offering a lease on our mineral rights in Canadian County, Oklahoma. We thought about it and decided to take the lease to a lawyer to go over before we signed. Does anyone know how much a acre is going for in that area these days? Its not that we wanted more money so much as to know what the heck we were signing. Some of it read like Greek to us. How does the land men/women look upon having to deal with a lawyer rather than deal directly talk to the owner of the mineral rights? Just curious. With the glut of oil now in America the drilling might be going down quite a lot from here on. We were offered 500 an acre and 3/16. Is that about the going rate?
In order to give you the information you need we will need the location. Range and township. As far as working with a lawyer or not I am not sure the landmen really care as long as they get what they want. I do know that once you have done a few the Greek language starts to make sense. I also know that the first lease offer is usually a low one and there is often room to negotiate. How many acres do you have.
84 acres, section 32 T11N R5W Canadian county...its making more sense now that I have started researching on my own and talking to a lawyer.
Kirk Bloomquist said:
In order to give you the information you need we will need the location. Range and township. As far as working with a lawyer or not I am not sure the landmen really care as long as they get what they want. I do know that once you have done a few the Greek language starts to make sense. I also know that the first lease offer is usually a low one and there is often room to negotiate. How many acres do you have.
My lawyer added 2 pages of addendums to the lease we eventually signed. We dealt with the leasing company ourselves. The depth clause got us bonus money for another couple of years.