I have a question. Can you sign a lease with another company after a forced pooling is final in Oklahoma. Do we have to sign before the deadline with one of the companies making us offer or elect one of the options on the forced pooling? Was hoping to not be rushed to make decision and sign lease before the company actually drilled well but after force pooling is finalized. We have just been contacted about us being force pooled.
it is a series of steps,
they will apply for a pooling and they have to give you notice and set a proposed hearing date
Then they will have a final order from that hearing: They have to publish election values at this point. From the order date you have 20 CALENDER days to make an election or have your Lease FILED by another company.
From what I understand after that 20 days it is a done deal. The "pool" (group of people yet to have met an election) is ruled to receive the Lowest Royalty and highest Bonus money Offered. -BUMMER if they had a 1/8th option.
If you were rushed it is because you probably weren't contacted early in the process or they already have a large amount of the acreage already leased so the process was quick.
Please someone jump in if I have this incorrect or left something out
After forced pooling, you are in all aspects leased. The court will normally give you 3 choices, which expert landmen testify to. You choose one.