Thanks Tom, so here is the offer. 1500 per net mineral acre, w/ 3/16th royalty
1250 per net mineral acre w/ 1/5 royalty
250 per net mineral acre w/ 1/4 royalty
This for 10+ acres on a three year lease. Any thoughts ?
Can someone tell me, if i get on lease offer per net mineral acre, and there is 10+ mineral acres. Does this mean 10+ X the offer. This concerning mineral rights in Garvin County
Thomas,
Red Rocks pooled in S 22 for $720 3/16 and $360 1/4 in May of 2017, which is not contiguous to your section, but gives you a ballpark feel for the amounts in the area.
Casillas pooled section 20 in January 2017 for $600 3/16 $450 1/5 $0 1/4. They are pooling your section with a hearing on Oct 3, so if you want to lease, you had better get moving on it. After the pooling, you only have 20 calendar days to make a pooling selection. If you lease, make sure you get a good lease (not the one they send you) with no post production charges, limit the shut in, depth clause, commencement of drilling, etc.
Thanks Mr. Barnes How would one follow through on the items you have mentioned below "make sure you get a good lease (not the one they send you) with no post production charges, limit the shut in, depth clause, commencement of drilling, etc. " I admit this is all new to me
I am looking for a land man to do title work in Garvin, Grady and Stephens county. I need title search, change and general information on minerals owned by family in all three counties. Recommendations would be appreciated. Thank you
Thanks Hutchā¦was just curious about that one since we can see it from out house!
The county clerks should be able to give you names of some of the landmen who work in their counties.
J Paul, if you are receiving royalty checks for the small wells then probably not. However, it can depend on your present lease. If you put a depth clause in it and those wells are producing from a different formation than the woodford then you could possibly lease that formation. Or if you were pooled and did not lease for the producing wells it is possible you will be able to lease for the new well.
Tommy, to get started you should first determine the source of your inheritance and request any documents that establish you as an heir. You could be named in someoneās will but if the will has not been probate and the minerals properly registered in your name you may be able to lease them but when the time came to collect royalties there is a stricter burden of proof required to establish the chain of ownership. Best case scenario would be for you to engage an attorney if you cannot research this through any family connections. I looked in the Garvin County records and the only Martin I found with recent activity in that section is a trustee for Loy and Laura Martin, any relation by chance?
Michael those Martins I donāt think I know. My Granddadās name was Oscar and his wifeās name was Orla. I only saw them twice while growing up. They lived in Paulās Valley for years. Both passed,I guess in the 60s or 70s. My Dad T A and his brother O K likely purchased the rights in the 60s or 70s. Roses are all guesses on the years.
To anyone, I have a question regarding mineral rights in Sec 28, 4N 3W.
There are presently 3 small wells producing under a 160-acre spacing. Sheridan Production is the operator. If Rimrock drills a well on a 640-acre spacing permit for the section we are in, to test the Woodford, etc, will we see a new round of leasing when they start drilling?
Just three weeks ago I found out I was heir to minerals in Garvin County. A telephone call from Compass Energy alerted me to that fact. Iāve have a letter in hand now from Marathon that states my interest is in 34-4N-4W for a projected drill to reach a total of 15,500 feet. I assume my reply is urgent because they warn of pooling in the near future. I donāt have a clue as to he number of acres involved so Iāll ask how do I find out and will I need to come to Garvin county to do ANY paper work to legalize this. Any information on any part of my letter I would thank you for. The Marathon Landman couldnāt/ didnāt offer much in regard to my inquires.
Tommy, do not be terribly worried about the pooling comment. It is nothing to be afraid of. Getting a lease with the terms you want is better, but pooling still gets you a bonus. There is a pooling pending, so the sooner you get your answers, the better. A couple of companies are fussing over who will be operator. Marathon is in 32-4N-4W. Any land man that you talk to should be able to tell you what acres you own and who they see that gave you the minerals. They should have done a preliminary title search. They may not have the acres perfectly right, but they should be able to give you the name of the person that you inherited from if you donāt know.
Thanks for the prompt replys. The mineral rights belonged to my dad,I just didnāt know him until I was well into my 50ās. He passed several years back and I knew nothing of this until the call from Compass. His mom and Dad lived in Garvin County and I was raised in Duncan. That may be more that you want to know. Iāll follow through on the suggestions and keep the forum up to date. So from Odessa, drill baby drill!
Tommy, I believe the whole section is held by production from an old unit started in the late 50ās and the names on the pooling seem to only list operators and not mineral owners. There is even a Martin A 1-34 well. Chances are your minerals are held on an old 1/8 lease, which means you would be unable to lease. Wondering if they are really trying to get you to sell?
Thanks, Darla. I was hoping for a flat-out Yes. Should know for sure in another 60 days or so.
M Barnes do you know if the two old units are still active in section 28 T4N R3W? I havenāt worked that area in years.
Darla, thanks for the reply. In regard to my letter from Marathon they indicate the drilling of a horizontal test well to TEST the Woodford. Other that the #1 option to help in the funding of the drilling the other two options were Lease/ assign your interest, I took that to mean lease. I took one of those options and mailed my form back yesterday. Have I been duped On the whole section being held by production from a old unit started in the late 50s and the rest of that sentence, I just donāt understand. The Martin A 1-34well suggest The A is for Alvis and that would be my Dad. I regard to another comment from Mr. Hutchison the a name he threw out from his research was a Loy Martin. A little research indicates Loy to be a twin of either my Grandad or great-granddad.
The final paragraph on the Marathon letter read āKnown and unknown Heirs, Successors and Assigns of the estate of Alvis T. Martina/k/a Thomas Martin, deceased, c/o tommy Martin.ā
It all looked good at first but now Iām not sure. Comments welcome!
Tommy, the letter you signed is an indicator of interest, not the actual lease. You are not completely held at this point. They are about to send you a real lease which you may or may not want to sign if you can get a better lease from someone else in the next week or so. That is a standard form letter. I just sent you a friend request, so that if you wish, I can walk you through the jargon and what your options are given the short time frame.
Darla, I sold that property earlier this year, probably February or March.