Hello,
My mother-in-law recently found out she has mineral rights to 50-ish acres in Oklahoma (Section 34, Township 11 North, Range 1 East in Oklahoma County). I think it’s a portion of a 160-acre plot that was split among some children. She was recently contacted to lease her portion of the land for $50 an acre bonus, 3/16 share, for three years. I had a few questions since our family is fairly new to all of this. Any info would be much appreciated!
- Where can we find what nearby plots of land are leasing for? Is this public info? $50 an acre seems low just based on reading replies in this forum. They also offered $75 an acre for 1/16th share.
- If she owns a piece of the 160 acres, can she lease to a different company than the other person who has the remaining mineral rights on the land?
- Can local records be updated with more recent names of ownership? So that a land man doesn’t have to go through so much trouble contacting my mother-in-law next time… They actually contacted my wife through Facebook to get a hold of her mother.
- Lastly, since she has owned these mineral rights for many years (decades, I’m assuming) and has never been contacted about a lease, should she do any research to see if anyone was using her rights without her knowing? Not sure if that happens or not.
Thanks in advance!