I recently bought 18 acres of recreational land. Seller claims that it had mineral rights. No big deal. It was a great buy for the surface rights only. After closing, I paid an attorney of the realtor to check into the mineral claims. This attorney comes back and tells me that it is actually 100% ownership of the minerals and the mineral rights are for 29 acres. The realtor and attorney both tell me it is very rare to have 100% minerals these days. Seller did convey all of her mineral intersests in that entire lot(quarter section) so I got an extra 11 acres of minerals.
What do I do now? I have zero knowledge of oil/gas, mineral rights, etc. How do I market it for sale or can I drill it myself? I was looking to do a little spending this year end to avoid capital gains taxes so I asked about drilling a well to a driller? It's kind of a case of spend the money or pay taxes. This driller told me he thinks this land must be pooled with other land to get the minimum drilling acres? I have no idea??? There are some oil well pumpjacks when I drive around the area. Is my land a part of that pooled acreages?
Where should I go to find answers?
What should I do right now?
Land is located Roger County OK. Lot 1 Section 24 T20N Range 14E
I am totally ignorant when it comes to this stuff....
Looks like you are in Catoosa. Oil & gas activity in your immediate area seems to indicate recreation may be the best use of your land as well. Not much activity.
How do you know how much activity? Are there maps available. I know there are wells to my Northeast and Northwest that I can see by driving around. It does seem pretty inactive to my south.
Another dumb question here: but can I do anything else with these mineral rights? I do see an old shale pit/mine right next to my property. Just to the east are several rock quarrys and resulting landfills. I had a couple low ball offers to purchase these mineral rights so I feel there might be something here but just too ignorant to know better? Why else would people offer?
I wouldn't even mind spending the money to drill a few test wells if I thought I could help. What would you do if you were me?
Maps are developed by companies & individuals. I haven't found any RELIABLE public sources. The Oklahoma Corporation Commission has some information on all wells in the state:
My land sits and waits for the "oily with a scheme" to come to me. If you just have to drill something, find a geologist or engineer looking for work & retain them to evaluate your subsurface.
Enjoy the surface. Undrilled land is becoming a bit more rare than it used to me.