I have just been made aware of mineral rights through an offer to lease from OGI Minerals. I have done the research and its appears there was once a well that was temporarily abandoned and capped in 2005.
I have read through the posts and see that there is quite a lot going on in Roger Mills County at the moment. I have emailed the county clerk requesting forms to file to Affidavit of Surviving Joint Tenant. What should I be doing next?
OGI Minerals is offering 3/16th’s royalty, which is the same royalty amount that it was leased for from 1980-1988 by Exxon. Seems 40 years later the royalty amounts should be higher, no? Or is there typically no wiggle room for negotiations in the royalties offered? Thanks!!
Typically a County Clerk will not provide any legal advice or forms. In many States they are legally precluded from any such actions. When you file the Affidavit, make sure to attach a certified copy of the death certificate of the joint tenant.
Other counties have their forms freely available on their websites, but its appears Roger Mills is too small a county to offer that. Any advice on how to obtain the form if they are unwilling to provide it?
Have OGI prepare the Affidavit for you since you are leasing with them, they should be more than willing to help since its a very easy doccument for a company like them to prepare
That may help with comparable offers and leases in your area. You don’t have to list the signing bonus offers per royalty; e.g., $500/nma @ 3/16 royalty, of $200/nma @ 1/5 royalty, but it is helpful. As an example as to why it helps; in section 26-13N-24W I signed a lease over a year ago @ 1/4 royalty with $1500 bonus per NMA(net mineral acre), with an extensive exhibit A full of clauses protecting my interests, most importantly a very good Mittelstaedt Market Enhancement Clause. A lot to learn, which is why it is strongly recommended to involve an Oklahoma Oil and Gas Attorney. The lease you’re being offered is not usually written with the best interest of the mineral owner in mind. Many clauses should be added to protect your interests, and get you sometimes significantly more money.
I’m relatively new to this so even i have a lot to learn, and probably could have negotiated my lease better or waited for the “pooling” order to get the best terms.