My sister and I have equal ownership of 477 acres of mineral rights in Lincoln County, Oklahoma. The area is Township 12 North, Range 3 East Section 25: SE/4; Section 26: NW/4;
Section 26: SE/4.
The drilling company is Paul Gillham Oil Company, the contract came from Jaketown Resources I, L.P. This is all new to me. We have been presented with several leases over the past few years but have not been interested up until now.
They have offered $200. per acre and 3/16th royalties. Is this a decent proposal for the area? Also, I understand barrels of oil but it seems these are for gas, although they stated both. How do you measure gas?
Shortly after receiving the contract we received a Notice of Hearing letter for Horizontal Drilling and Spacing Units for Section 25, Township 12 North, Range 3 East. We also received a letter (also Notice of Hearing) for relief of Pooling in the same section. Are these just done as a normal course of action or do we need to take some kind of action?
Thanks for any help you can give us.