Was contacted by Bearcat Land wanting to know if I was interested in leasing my minerals in Caddo County. The trac location is Sec 18-10N-10W, they are sending me an email later today with their info and Lease offer. Their offer is $1200 an acre for three years @ 3/16th or $800 for 1/5th. There was mention of a 2 year option also.
So my question is are there any new drilling going on in Sec 18?
Welcome to the forum.
Quite a few companies are leasing in that section, so you may get more than one offer. Very likely to be horizontal drilling there. Bearcat frequently leases for Continental Resources. I always ask for the highest royalty that they are offering and I never go for an option to extend.
If you have not leased before, it is wise to get a good oil and gas attorney to review any draft lease as they are not in the mineral owner’s favor and need significant edits. The lease can hold your acreage for decades. You can either lease or wait for forced pooling which has its own advantages.
Thanks, I live in Texas and have signed leases here for Gas rights. One oil company drilled a shallow well on one part of a 640 trac and now that lease is tied up till that gas well stops producing. They did that because no one would buy the lease from him after getting it under lease, seems he was trying to make money off the lease w/o doing anything. But anyway, any suggestions for finding an Oil/Gas Attorney in Oklahoma City to review the draft and offer suggestions for a nominal charge?