I have received an offer to lease minerals (small-about an acre) in Section 10-15N-07E in Creek County, Oklahoma:
$200 per mineral, 3 year term, 1/8 royalty
$150 @ 1/6
$100 @ 3/16
I am wondering whether these are fair terms. Anyone have any experience. Thanks, Bob
All I can tell you is do your research. Check with OCC to see what is happening. Also ask all the fine people on this forum and they will help you. I have found this forum to be a wonderful resource. Good luck.
Robert I checked the creek county records no leasing in your section since 2005. There is some leasing in the township on the southern end. I checked on the OCC website for pooling's close bye and there were two southern area last summer rates lower then they are offering you. I would advise not to take any royalty less then 3/16 and would try and negotiate a 1/5 or 1/4 if possible. I would ask for a depth clause and a no cost for transportation, treating etc. Find out more about clauses under mineral help and blogs at the top of the page. Robert take your time, make a counter offer and join the creek county forum for more information. Good Luck
Richard, I appreciate the input and recommendations! Thanks, Bob