I know very little about the whole process...I have mineral rights I inherited in 2 sections of McClain County..one is 5.466 net acres the other 1.9002. In the past 5 years I have rec'd a lease on each section but I have a lot of questions because I have been getting a lot of offers to buy recently and the lease has expired on one section...The other will expire in Nov but has a 2 yr extend clause. I haven't heard from the company that has the lease, but I did rec'v an offer from another company on this same section. Is that normal? And if the company that currently has the lease is going to use the option to extend, will they notify me? I appreciate any info I can get on this. I need to educate myself. Thank you in advance for any replies.
If the company that has your lease wants to extend, they have to notify you by the effective date (which is probably three years from the date that is on the first line of your original lease). I am not a fan of top leasing which is when another company wants to lease and its new effective date is the day of the old lease expiring. Lots of complicated reasons if you want to friend me. The important thing is to get a good new lease, better than the old ones. Friend me with the blue icon if you want some help in what to watch out for.
I have 23 acres of mineral rights in Mclain county and have leased it out as well. other companies mail me at least once a week and i have ignored them. I dont believe in what they say. I have a lawyer that checks all of these offers out and most are just trying to get their hands on the rights. My grandfather gave them to me and told me to never sell them. The company I leased with is very good. We are in the 2nd year of the lease and they also had an extension in the contract. Not sure how that works. I also had a 3/16th royalties in the contract which I have not seen any checks so not sure if they have found anything. When I was little I remember an oil well being on the property back in the 60's. I hear Mclain county is HOT and that is why there have been so many offers lately. I also am here to get some education on how this all works. Has anyone recieved royalty checks and when should they be expected. At the end of the lease? Just wondering. Thanks
Murelene, If you post your section, township and range, I can look up and see if any wells have been drilled on your acreage.
Thank you. Its Mclain County sec 8 9N-4W. My grandparents lived in Newcastle so I figure it was the farm property. The mineral rights were split up between the kids which was my dad Murel Williams and his 2 sisters. His part was 23 acres which I inherited and didnt even know it until 2 years ago when I started getting lease offers from several different Oil companies. Any help would be appreciated. It is currently leased to T.S Dudley.
There is still leasing going on in your section and the sections all around it. Hang onto everything in McClain. No pending orders at the OCC yet, but the leasing indicates hopefulness for the future. No drilling yet.
Thank you so much. I am so glad I found this site. It has been so helpful. I keep getting friend request with ribbons. What are the ribbons for?