I have inherited a oil and gas ownership of a 5 acre piece in Hughes County...Section 4-5N-10E. Evidently my father bought the oil and gas rights in 1953 and leased it once in 1961. I knew nothing about this and was totally surprised when I got the phone call from a representative of Jess Harris III, inc. They were offering to lease the 5 acres(for Newfield Exploration Mid-Continent Inc.) for $700 per acre for a 3 year term and 3/16 royalty. I showed the contract to my attorney who responded to the Harris company with some clarification questions. We never heard from them again. Unbeknownst to me, this oil and gas ownership has been in our family for 61 years and my father leased it once 55 years ago. My wife and I are in our late 60's and, if there is value in the property, would like to realize some income from this mineral ownership. We are unsure as to how to initiate the process. It seems prudent to maintain ownership of the rights and look for an company interested in leasing. Any and all comments or suggestion would be much appreciated. Thank you
Well, if you have someone wanting to lease the rights, it sounds as if they are interested in exploring/drilling. Did you ever contact the company to see if they still wanted to lease? It's possible your attorney dropped the ball or his request got misplaced. There are producing gas wells all around you. You may need to check & make sure there hasn't been production. There may be unclaimed money in your dad's name.
How long ago were you contacted by the landman leasing for Newfield? I'm surprised if it has been in the last year or so because Newfield pulled out of this area when gas prices went down (this is the portion of the Woodford shale that is dry gas). They still have a lot of producing wells and if they are doing any new leasing, this is potentially good news for all of us who have minerals hbp in sections yet to be drilled completely.
At a minimum, you need to do an affidavit of heirship showing that you are the son of your father. The affidavit should include the legal description. Therefore, when Petroquest or another company who works in Hughes county tries to find you, they can locate you.
Go Fast said:
Well, if you have someone wanting to lease the rights, it sounds as if they are interested in exploring/drilling. Did you ever contact the company to see if they still wanted to lease? It's possible your attorney dropped the ball or his request got misplaced. There are producing gas wells all around you. You may need to check & make sure there hasn't been production. There may be unclaimed money in your dad's name.
Thanks for you reply. How do you find the information on producing wells in my area, and how would I find and info about unclaimed money? Thanks Go Fast
Wesley Skinner said:
How long ago were you contacted by the landman leasing for Newfield? I'm surprised if it has been in the last year or so because Newfield pulled out of this area when gas prices went down (this is the portion of the Woodford shale that is dry gas). They still have a lot of producing wells and if they are doing any new leasing, this is potentially good news for all of us who have minerals hbp in sections yet to be drilled completely.
I was contacted in January of 2009. Thanks for your reply
tim dowd said:
At a minimum, you need to do an affidavit of heirship showing that you are the son of your father. The affidavit should include the legal description. Therefore, when Petroquest or another company who works in Hughes county tries to find you, they can locate you.
tim dowd said:
At a minimum, you need to do an affidavit of heirship showing that you are the son of your father. The affidavit should include the legal description. Therefore, when Petroquest or another company who works in Hughes county tries to find you, they can locate you.
Thanks Tim for the reply. I will look into your suggestion... thanks
FYI; In 2011 we signed a lease via "United Land CO" , in Sec.4:NE/4, T-5 R10. #yr. term, $200 mineral acre. No production noted at this time.