We have been offered 225 an acre at 3/16 for 3 years in Lincoln County, OK. I am trying to find a Lawyer in Lincoln County to review the terms of the lease. We should possibly receive a copy of it this weekend. Aslo, is there anything in particular I should watch for in the lease agreement, that would be a red flag, things I should stay away from?
A few months ago Joshua Beel at E-Mail joshuebeel@gmail.com was interested in leasing in this general area.
You might write him.
Your lawyer "should" know all the red flags, IF he is board certified or specializes in oil-and-gas law. Try not to hire one unless he falls into one of those categories. If you are the surface owner as well, you definitely want to protect your land with a stout Surface Damage clause. And since you have a pretty large tract, you definitely will want a Pugh Clause and perhaps a Continuous Development clause if they are drilling vertical wells.
Natalie, I am curious to know if you finalize your lease on these terms, and in what section, township and range?
I am reviewing a lease proposal in Section 18, 14N, 2E.
Thanks.
Our final was indeed 225 an acre at 3/16ths. I would have preferred to have more time to decide on all the clauses, but I was strong armed by family to sign.
32-15 N-2 E/ NE 4
Family members and I have oil and gas interests in Section 34, Lincoln County. Our existing lease (never drilled) expires this month.
Does anyone have names of companies who may be interested in leasing the interests, who may actually drill??