I have mineral rights in Pottawatomie County, Ok. The section is 10-10N-2E SW/4. Wondering if this is a good area or bad. A lease offer is on 140 acres, $125., 3/16, and 3 year option. Hope someone can help me, I'm new to this. Thanks
Lois, since you are new to managing your minerals, let me refer you to, and suggest you join, the Pottawatomie Co. group. I responded to a post there "Newbie trying to get started" on Nov. 23, 2014. My answer may be helpful to you also.
Others on that forum who have minerals in your area can help you evaluate the lease offer. You may want to disclose the net mineral acres (nma) you own in the 140 acres, as that could determine your negotiating power. Also you should clarify if it is a 3 yr term, and the length of any option. An option is only to the benefit of the Lessee. There is a lot more to leasing than just royalty and bonus consideration. If you want to ask other questions after you know a bit more, someone on the forum will probably help you.
Thank You
Wesley Skinner said:
Lois, since you are new to managing your minerals, let me refer you to, and suggest you join, the Pottawatomie Co. group. I responded to a post there "Newbie trying to get started" on Nov. 23, 2014. My answer may be helpful to you also.
Others on that forum who have minerals in your area can help you evaluate the lease offer. You may want to disclose the net mineral acres (nma) you own in the 140 acres, as that could determine your negotiating power. Also you should clarify if it is a 3 yr term, and the length of any option. An option is only to the benefit of the Lessee. There is a lot more to leasing than just royalty and bonus consideration. If you want to ask other questions after you know a bit more, someone on the forum will probably help you.