Hello, Contacted by landman about purchasing rights in above county. I’m advising my Elderly father and relatives who own the rights. The offer is being mailed out today. How do I find info on typical lease terms for Skinner formation in Payne Co?
Is the offer to buy the rights or to lease the rights? Two different things. If you share the section, township and range, we can help with the activity and perhaps some nearby pooling information which will give a ballpark for the leasing.
Lance Ruffel has been leasing in the area. The filed leases so far have 3/16ths royalty. The bonus amounts are not public. The closest you can get is to find a pooling order nearby. Lance Ruffel pooled 18N-2E sec 18 in 2024 for $50/ac at 1/5th and $0 at 24%.
I always ask what they are offering at 1/5th and 1/4. I prefer a higher royalty instead of a higher bonus.
It would be wise to get an oil and gas attorney to review any draft lease. If you do not wish to spend the money to invest in that help, then pooling is a good option.
Payne county has an online website and you can search “Mineral Deed” there and find the most recent SALES and OGLs will be under “Lease” Hunt sales that explicitly say net mineral acres and have the deed stamps ($1.50 per $1,000 of transaction (Land Records Search — Payne County Clerk)
Nothing came up for me.
Thanks for that info. Lance Ruffel is the oil co. that approached my family. I don’t have a copy of the contract but I was told that It says there were 2 options listed:
1/8 royalty at $200
per net acre sign on bonus for 3 year term. The other one was 3/16 royalty for 3 year term.
@2michele The image you posted looks like there is an intention for all mineral rights in OK.
Thank you-What I posted is from an affidavit of heirship describing the tract in question. It’s not from the actual contract which I have not seen. Hoping to get eyes on the contract today.
Good to know. I wanted to make sure you were not granting any and all minerals in OK by way of a contract.
The draft offer is rarely in the mineral owner’s favor, so getting good legal advice is wise.