Finding Mineral Neighbors

Oil and Gas Leasing Help
1

Hello, I am brand new to being a mineral rights owner and have been approached by a landman to sign a lease. I would like to locate other people in my area who have signed as he says there are others. I created a group called Woods County, Ok but it does not show up in the list.

Is anyone here in Oklahoma, specifically Woods County who could help me with information on negotiating our lease?

Thank you very much for your help.

2

Hi Lora,

If you live in a residential section then door knocking would be my advice. Anyone should be willing to talk to you about the mineral rights. Also, there were a lot of people in my area who accepted the first offer and were very sorry, including myself. They were offering a set price of $300.00 for a city lot. Two years later for people who waited got much, much more. I hesitate to say how much, but it was a sizeable sum. Just don't get in a hurry. They are not drilling on your property yet, and may never. So, be patient and see how it goes. in the meantime looking for others in your section who have been approached. Also keep your eye on the local newspaper for info. I sincerely hope this helps. I lost a great deal of money taking my first offer. Have a great day,

Wes

3

Thank you Wes. I actually don’t live in Oklahoma, that is why I am searching for people there. My offer is a 3 year lease with renewal option @ $300.00 per mineral acre and 3/16 if they find anything. I am trying to see what others have been offered or accepted.

4

Hi Lora Again,

Try different searches. Like, Mineral Rights Owners, Woods County, OK

Minerals in Wood County, OK

Just keep trying. You'll find something you like. : )

Wes

5

lol thanks again Wes. I did a search for Woods County in the groups and there wasn’t one, which is why I made it. I am hoping folks will find me. I am speaking with the Landman almost daily so need info!

6



Lora Lunden said:

Thank you Wes. I actually don't live in Oklahoma, that is why I am searching for people there. My offer is a 3 year lease with renewal option @ $300.00 per mineral acre and 3/16 if they find anything. I am trying to see what others have been offered or accepted.
A 3 year lease and 3/16th is fairly standard these days. Our lease was for the city lot my Dad lived at before he passed away.
I did a short search using "OK oil and gas. Here's a couple of links that might give you some info. http://www.okbar.org/obj/articles09/050909-ray-oil-gas-lease.htm
7

I’M Ellis County, South and West of Woods County, Oklahoma. Leases in this area are much higher than you indicated. Probably average above $1000/acre. Don’t get in a hurry and don’t be afraid to make a counter offer.

8


Thank you very much, I appreciate it. How many miles away is that?

9

Probably about 100 miles Southwest.

10

ok. I wonder if that would make a difference in the amount offered.

11

Hi Lora,

I saw a response from someone that enlightened me. They suggested contacting the oil companies instead of landmen. They said you would get better offers. I didn't know before reading that that you could go direct to an oil company. Makes sense if true.

Have a great day,

Wes

12

often the land group won't tell you what oil company they're leasing for, but always worth a try

Janice