My sister and I own mineral rights in sec. 28-6N-4W, we have been leasing to T S Dudley for a number of years. Our present lease runs out in May, they have contacted us to extend the lease another 3 years. Dudley is offering $600.00 per with a 3/16 royalty. My question to anyone is this the going rate?
Larry - I looked at the last 6 pooling orders in 6N-4W and all indicated $1600 for 3/16's royalty. They are Section 12 - Order 657010; Section 4 - Order 656593; Section 13 - Order 655549; Section 8 - Order 654166; Section 22 - Order 654165; Section 9 - Order 654307.
So, I definitely think you should get $1600 per acre. Also, you should look carefully at your lease and if you don't have depth clause and other favorable provisions, ask to include these. Lots of information on this forum about these.
Joyce, Thank You for the information, will let you know what happens when I hear from them.
Where do I go to find out about depth clause's and other favorable provisions.
There's lots of information on this forum, especially on the Grady County site. I also pulled recent leases from the Oklahoma online land records site (Kellpro). It costs about $10 a month and you can cancel once you're finished with it. Please send me a friend request and I'll see what I kept from my research. Now, I'm no expert so not sure I got it all right but at least I came out with something better. There are several people on this forum that know much more than me.
Please reach out to me at 405-204-8345. Okie Energy would love to take a look at these and make you a competitive offer with a great lease form. Thanks!