I'm new to the Forum and have an lease offer from RedSky Land, LLC/Continental Resources of $700./acre w/1/5 royalty.
This is for Section 17, Township 1 North, Range 1 East, Garvin County.
Is this something we should pursue?
Stephen, welcome to the forum. Yes, you should pursue any lease offer (lease offers are negotiable - ask for favorable clauses to be included and unfavorable to be stricken). If this property is eventually going to be drilled, if you are not leased, Oklahoma has a provision for pooling you into the drilling unit. You can use the search function of this forum for more information.
"Basic Information for the Oklahoma Royalty Owner" is a publication of the Oklahoma Corporation Commission which is found at http://www.occeweb.com/og/PubAsst/WebRoyaltyOwnersHandbook3-2015.pdf .
I do not have mineral interest in Garvin County, so can't give you any specific information regarding your offer. There are 280 members of this forum who are also members of the Garvin County group. I suggest that you join that group and post your inquiry there. I did check there and quickly found this discussion from July of last year. http://www.mineralrightsforum.com/group/garvin-county-ok-oil-gas/fo...
The National Association of Royalty Owners is also an excellent resource. http://www.naro-us.org/ The NARO Store can be found by clicking on RESOURCES. You can also read several recent Oklahoma Chapter Newsletters by checking out the OK-NARO portion of the website.
If any of the links fail, let me know.