Mary here is what they were ordered to pay in pooling next to you one in 2012 & one in 2013
http://imaging.occeweb.com/AP/Orders/0303B69A.pdf
http://imaging.occeweb.com/AP/Orders/occ5049809.pdf
They have filed for a spacing in 18 so they should do something before long.
Mary, there is quite a bit of drilling activity all around you. They just held the spacing hearing for 18. You should get papers soon if you havenât already. Most likely for 640 acres. Then the pooling will come next. You may be contacted to lease before that. If so, come back here and we can give you advice on what your options will be.
Mary, NARO - the National Assn. of Royalty Owners has a series of basic mineral/royalty owner UTube videos that might help:
Jessica checking out the OCC website there was no activity in the 17N-2E area, no permits etc. Checking both sections in county records no leasing going on and very few leases signed in the 17N-2E scattered thru the Township.
Jessica, Lots of activity and some good wells in 18N-02E Payne Co north of 17N-02E. The reservoir covers a huge area and can include multiple townships. NewsOk June 7, 2014 http://newsok.com/oil-and-gas-prices-for-june-7/article/4888659
Payne: American Energy-Woodford LLC; Caldwell No. 7-1MH Well; SW1/4 SE1/4 SE1/4 SE1/4 (BHL) of 07-18N-02E; 443 barrels oil per day, 576,000 cu-ft gas per day; TD 9,423.
American Energy-Woodford LLC; Judge No. 21-1MH Well; NE1/4 NW1/4 NW1/4 NW1/4 of 21-18N-02E; 545 barrels oil per day, 649,000 cu-ft gas per day; TD 9,508.
Has Equal Energy started any activity on 13-14N-4E in Lincoln County?
13-14n-4e Well started Aug.12
http://imaging.occeweb.com/AP/Orders/occ5134982.pdf
I have leased two areas in Township 13 north, section 11ne/4 Range 3 east
and another one Township 13 north, section 1 sw/4, range 3 east Are these close to to Brendaâs? The leases will be up next summer. Just wondering if there is any activity in this area. I am now in Ca, so a little out of the loop.
Any information would be welcome. Thanks
summer40 Where is your interest?
Roni, Cash is paid to you by the company leasing your minerals. The cash amount is based on a dollar per acre for mineral acres you own. This cash payment is called a Lease Bonus. You will also receive a royalty amount which is the percentage you will receive from production from the wells. So, no cash means they are not offering you the lease bonus and are just offering you the royalty percentage amount in exchange for your lease. Many mineral in Payne are getting a cash bonus and 1/4 royalty for a 3 year lease with no option to renew the lease. The wording of the lease is very important. ie option. http://www.mineralweb.com/library/oil-and-gas-terms/
http://www.mineralweb.com/owners-guide/oil-and-gas-basics-for-minerâŚ
I have received a call from a company called Ruidoso Resources offering me a lease. Has anybody heard of this company in this area? He said he was a broker working for an oil company, but could not give me the companies name.
Roni, Did you sign the lease and returned it?
Roni, You will have to make sure you get paid correctly, so donât sign the Division Order the company sends you until you figure out your royalty interest. Hereâs info on interests and division orders.
http://www.mineralweb.com/owners-guide/leased-and-producing/royaltyâŚ
http://www.mineralweb.com/owners-guide/leased-but-not-producing/divâŚ
Ron, 2-15N-05E Lincoln County
This here is what I donât quite get: who elects not to participate in said well by paying such ownerâs proportionate part of the cost thereof; such overriding or excess royalty shall be satisfaction in full for all rights and interests of such owner in the wells, unit and common sources of supply covered hereby, except for any normal 1/8 royalty interest, as defined in 52 O.S. Section 87.1(eX2007); provided, however, in the event any ownerâs interest is subject to a royalty, overriding royalty, or other burden on production in excess of the normal 1/8 royalty as defined herein, then, such excess royalty, overriding royalty or other burden shall be charged against the 7.5% x 8/8 overriding royalty or excess royalty as herein set forth, and the same shall be reduced by the amount of any such excess.
Roni, If you received an official Pooling Order from the Oklahoma Corporation Commission (OCC) and elected to receive 1/5th royalty and returned the paperwork to the OCC you will receive 1/5th royalty interest in production according to your mineral interest. The participation election means you have to pay your portion (according to your interest) of drilling and completion costs of the proposed well costs and receive 100% of production (according to your interest) less the cost production. These participation costs are usually very experience and should have been included in the OCC Pooling Order. However, sometimes company will send you a letter asking you to make an election, then they will send you a lease document to sign.
What I meant by agreeing was tell him which offer I would like to take. So they would not have to make multiple contracts with the different amounts.
Summer40-Donât tell him you are âtakingâ one of the contract options, just tell him you are âinterestedâ in seeing the contract for xxx and their Exhibit A. Pick the highest royalty one he offered. Hopefully 1/5 or 1/4. All the contracts would be the same except for the royalty amount typed in. What you want is to see the terms they put in because you will probably need to change some of the clauses (donât tell him that). Their âstandardâ contract is not in your interest. We can walk you through it.
Summer 40 Equal Energy is doing a lot of the drilling in 15n-5e
He also said I have to agree to one of the offers before I could see the contract. Is this unusual? How can I find out if what he is offering is comparable to what is offered around this area? Is there a lot of drilling happening around this area? Any information about this process would be helpful.