Todd, Google surface use and damage agreements and you will find sample contract and info like this Landowner Guidelines. http://www.lccdnet.org/wp-content/uploads/2011/07/oilandgaslandownerguidelines.pdf
Correction: Judge Nikki Leach, I think I put the wrong name down. And his son is Shane Leach which is a very good attorney.
Todd,
How will the land be cleaned up? Take pictures. And when?
Do you have water to sell, put that in your pad contract that you have first choice on selling water.
Will the pad size be smaller once all the wells are drilled?
A good attorney will be able to help you on all the issues you need. I usually have at least one page added to the back of their contract.
Todd,
Is this White Star drilling it?
Also, you may want to see if you can put a clause that the pad be smaller when the well is completed as 2.4 acres can be cut down in size.
Todd,
I think that is about all they are paying in Logan County for a pad. Have they offered to pay for damages to the crop? That is where you may be able to get a little more, maybe a couple thousand as it does take the pasture or cropland out of production for several years. Is this for 1 pad? Be sure to put additional cost for each pad. What about restoring the property when the pad is not in use? Where does the gravel go, etc.? Take pictures before they start. What happens if the pad is built and not used? Sounds like the attorneys are telling you right, OCC does rule on this. Good luck, hope you get another good well.
Todd,
I think White Star is a good company and will work with the property owners. One of the problems is that oil prices are still down, so their profit just isn’t there. Things are starting to turn around, so hopefully oil prices will go up, but so will gas prices at the pump. No win situation.
This is a good site regarding who White Star was.
http://www.wstr.com/content/WSTRPressRelease-April202016.pdf
So your hearsay is right.
And I am glad that the oil field jobs are coming back as these work very hard for their money. Good luck on your new well.
Mr. Wilson, I have to admit that your posts are thought provoking.
Has anyone missed me and my “outrageous predictions?” Well, it is pretty obvious, to mois, that nothing is outrageous in this world. Five years ago, everyone scoffed that we, the USA, would even be close to energy freedom from the rest of the petrol cut-throat world. But here we are, huh? Only 10 days ago, I read of a new oil mineral discovery in West Texas, that is supposed to be the biggest discovery in the USA. I done predicted that a coupla years back, and I also predicted, and still predict, there is this much and more right under our noses in Logans County, Oklahoma. We will see tens of thousands of bbl wells, and that is a fact. And the clean energy crap is just that, it will not solve anything, and no amount of clean energy will EVER develop into the by-products that come from oil. None. This market will only continue to grow and it is growing more every day. So take heart, my childy’s, hang on to your Mineral rights, and do not sell them to anyone for any amount. Hang in there.
My family is ready to sell our gas and mineral rights. The money will be for my mother’s care. She has 60 acres in NW/4 Section 28 Township 15N Range 2W in Logan County. The offer was for 300 an acre. There’s no well, no lease, basically goat pasture. So 18k is something she’d never get in her lifetime from that section. Just need to know if that offer is a fair, legitimate offer. I’m trying to keep my Mom in her home, rather than placing her in a home. Thank you.
Lisa, 300 per acre is not acceptable. You can do better. I will send you a friend request and we can talk about the going rate.
Thanks for your input, I appreciate that. Here’s the thing I need to consider.. There’s nothing out there, no well, my mom gets no income from that section. The final offer is for 20k. In her remaining years, she would never get that amount of money. And when she passes, it’s going to be a nightmare for me, to deal with family members splitting this up. Do you still think I shouldn’t sell? I’d rather have her get 20k, and keep her in her home, than to not get anything at all.. Thanks for your comments.
Thank you all for your comments. I have a question. If my mom is not getting any income from this section, it’s not leased or even has a well on it, what advantage is it to keep? It’s basically cow pasture. Nothing happening in that area. I realize 20k is low for 60 acres, but at what point do you stop waiting for something to happen? I mean, she won’t get any income from that area in her lifetime. Isn’t 20k better than nothing?
300 per acre sounds more like a lease bonus than a purchase price per acre. I would never sell for 300 per acre.
Lisa, I never advise selling minerals and you sure don’t want to sell for 300 per acre. I would add a zero on the end to get closer to the actual selling price per acre.
Just curious, how much per acre did they offer? And, a lawyer should not cost more than $500 to be the go-between. Personally, I would not use anyone other than a well-known attorney.
Can someone please advise me on what is the best way to make a sale of mineral rights, without going through a lawyer? The last time we sold, we used a lawyer, which ended up being a bit costly. I’m in a position to sell again, and would rather not use a lawyer if I don’t have to. I know never to send the deed until the money is wired into your bank account. The position I’m in is that I contacted a site that will list your mineral rights for free, help you find buyers, and will help negotiate a fair price. They get a commission, but not out of your offer price. I did get an offer, now here’s my question. The guy wanting to buy doesn’t feel comfortable depositing the money into my account, and I will certainly not send the deed without the check. I’m using the listing site, Mineral Hub, and have been talking to Mick, who has been very helpful. He said one option is for him to be the middle man, and then have the buyer send him the money. He would then deposit it into his account. I would then send the deed to him as well, then he would send me the money, and the buyer the deed. Is this way of doing a transaction a common way to do it? I want to be trusting, but I’m not so sure … this makes me nervous. Thanks again for any advice.
Hello Martha,
Long time no hear. Could you email me at brianrm2358@earthlink.net? I am revisiting the issue that so concerned me before with the design of the surface facilities. I would like to talk with you.
Regards,
Rob Brian
My God Lisa,
Do not sell your mom’s minerals for 300 per acre. And I advise going through an attorney. A very good reasonable attorney is Shawn Leach in Perry, Oklahoma. I am not sure of the going rate now, but 300 per acre is horrible.
Wayne, It is more helpful if you give the section, township and range with the well.