Hello, My family owns 11 acres (6.67 acres Caddo 01-8N-9W - SE and SW corner, 4.5 acres Caddo 02-8N-9W - south half of NE corner). 2 other family members each also have 11 Caddo acres (same areas). We rec’d pre-pooling offers from Continental in December. We attempted to negotiate. Since then, Continental’s landman said that a “held-by-production” of a 1974 lease (Producers 88 1/8th royalty lease) precludes them from a new lease. The pooling court date was last week.
I read there is possibility of a ratification and amendment to a lease to bring the terms and clauses up to date; i.e., evaluating the validity of the 1974 lease was a viable option. I contacted an OK attorney who said they “do not see a route to an argument that the minerals are not held by production given you are continuing to receive payment although in very small amounts.” We received $48 last year.
Is this it? We are stuck with the 1974 lease? Also, any updates in this area would be helpful. thanks!