I was offered a Lease in Township 8N Range 11E, Hughes County, Oklahoma


#1

Hi, 1st time posting. I have the mineral rights for 10 acres of a 20 acre parcel and have been offered $500.00 per acre as a bonus and 3/16 royalty on a 3 year lease. I have no idea about any of this kind of thing and was wondering what you folks thought about this proposition. Thank you for your help.


#2

I moved your question over to the Hughes County, OK Category where it should get more notice.


#3

I always ask what they are offering for 1/5th. 3/15ths is rather low. If you are new to leasing, then read about the do’s and don’ts of leasing in the Mineral Help tab above. Also, you will need to negotiate several of the clauses on the first lease they send you as they will not be in your favor. You need to be really sure that you have no post production costs in the lease.

You didn’t say which section, but the poolings have ranged from about $500-600 for 3/16ths and slightly lower bonus values for 1/5th. I usually go for the lower bonus and the higher royalty as that usually pays out better over time.


#4

M_Barnes,

I didn’t realize you sent me the 2nd response and I just sent you a email a moment ago, sorry. I am new to this and will follow your advice. The section is 24. Thank you for your help, Mike


#5

Hi, sorry to bother you, but is the Mineral Help Tab the small green box that says Oklahoma Mineral Rights and the small gray box the says Hughes County, OK ? Now you know why I used no nothing as my username.Because I know nothing about this stuff Thank you for the help.


#6

Look at the top of the home page and there is a blue bar that says HOME Mineral Help About and Advertise. If you don’t see that, then hit the flag icon on the left and it should reset. The Mineral Help tab has all sorts of useful information.

Read that and then come back with more questions. Nothing is stupid. We all had to learn by asking!


#7

Also, use the magnifying glass at the top right and search the BLOGS category as it has some really good advice as well.


#8

Thank you for your information and advice. We’re on vacation right now but I will be doing a lot of research as you suggested. I’m sure I’ll be getting back in contact with you the first week of October when I return home. I very much appreciate your help, thanks