My family and I own mineral rights in Caddo County but live in Texas. The total size of the land is 160 acres but we only own 65 acres and that is split between the 8 of us, some owning more than others. Those that own 10 or more acres received a lease offer from a Mark H Pierce Company for $100/acre. I think this price is ridiculous. I checked with the Oklahoma registry and they stated that the lowest price of anything leased in that area was $350/acre and the average was $500-600/acre. The last time it was leased was in 2005 and we were given $300/acre. We told the company that we would not be willing to accept $100/acre and he said he couldn’t go any higher. Can we be forced to lease it if the owners of the other 95 acres accept his offer? I am new to all of this because a particular person in our family would take care of all this but they are no longer able to do it anymore. I feel that this offer is completely taking advantage of us. What can happen? I really don’t know what to do from here or what he can do if I don’t accept. Thanks for your help.
The offer is taking advantage of you and you should tell him his offer is not high enough. There is the possiblity that you could be "force pooled" by the Corporation Commission, but if that happens, you will get the average of the highest and lowest offers in the area and be able to make an election between more bonus and less royalty or less bonus and more royalty.
There are likely to be additional lesing agents in the are who will offer you more for a lease and if you sit tight, they will contact you. Of course, you can also, try and figure out who else might lease in the area and ask them what they would pay for a lease. I know a few people who might be able to help you in this regard if you have trouble locating one on your own.