I am a member of a family who has had oil/gas interest in Canadian county for many years. I have never been involved as an active member concerning the leasing process and know little about it. I am now in a situation where I need to acquire some basic knowledge before involving an O&G attorney.
Our family signed a 3 year Lease Agreement for a certain amount per acre for a known amount of acreage. Through some research the agreement seemed to be a fairly accepted and a standard agreement if there is in fact a standard agreement. The bonus/interest were negotiated to our satisfaction. The documents were recorded in Canadian County in August of 2016 with an ongoing promise of the payment which has never been issued. In the middle of January, Company A that we signed with, has now assigned their interest to another company, Company B. I understand this is a common practice and have no issues with this other than the lack of a bonus payment,of course. Is this a Welcome to the World of O&G Business as usual, a test in patience or time to Circle the Wagons. Any thoughts concerning this would be appreciated. Thank, RT