My wife inherited mineral rights in Logan county 20 years ago, 2 years ago a land man out of Oklahoma found me and wanted to lease my wife’s mineral rights for 3 years after some research and speaking to some others who had a little experience in this we agreed, after that we did not hear anything up until 12 months ago, when we started getting offers to buy them, at first it was just a few hundred dollars an acre, but now it is a few thousand dollars an acre, besides this twice we have received court documents about hearings.
My question is how do we find out what if anything is being drilled and if there are royalties to be paid when would they start and who would be paying them, I tried calling the Land Man but he seem to think his part in all this was done and did not have time to talk to me.
The mineral rights are in Logan County Section 19, 19N, 3W
Prayers to the families of the workers who passed and were injured in loving county. May god be with you all.
David I did some researching on the OCC website, Devon Energy started drilling on April 14 the MEG 19-19N-3W 1WH. I would estimate around 45 days to drill the well and then they need to fracture the well which would depend on the availability of a crew. Once production starts they have 30 days to file a completion report with the OCC. After the first sales of gas or oil they have 6 months to pay you your first royalty check. You will receive a division order paper before first payment stating what your payment decimal point will be figured by the how much acreage your own in this unit and the your royalty interest off your lease. I would highly suggest you join the Logan county group on this forum and read the comment wall and you will gain some knowledge of how long others are waiting for payments since Devon is a major player in the area. You will receive many letters offering to buy your minerals,DO NOT SELL, this area is very hot at this time and many other wells may be drilled on your section which accounts for those nice royalty checks.
Thanks Richard for your help, I will pass this to my wifes brother as well, he was just as confused as we where and I will join the Logan county group as well.
If you get a forced pooling notice, you have 30 days to elect their offers or you will get the maximum dollar/acre and minimum interest, usually 1/8. I would elect 1/4 and no bonus money if necessary.
I have some mineral rights in Wayne County, Illinois I would like to sell. I know zero about this topic....all I have is a land description, I do not know how many acres are involved. There used to be wells on the property but I haven't been there in many years and don't know if they are still there or not. I own 1/2 the mineral rights. Any help would be greatly appreciated! Thank You
If you have companies offering to buy them, they aren't doing it just to spend money. Personally, I would hold on to them. In Tx, royalty payments are within 120 days after first sale. I don't know where in Ok to look, but here in Tx, the Texas Railroad Commission lists drilling permit apps, wells, etc. Might wanna have a look before making a decision. Here's the link if you wanna just have a looksee at the site. I'm sure Ok has something similar. http://www.rrc.state.tx.us/