We own a half section in Garfield County, Oklahoma. Other than owning the surface rights we own 160 acres of the minerals. When we leased it we noticed there were many other mineral owners who own a small number of mineral acres. Some of the people go as far back as the 1930s. I doubt that they could be found if the half section is drilled on. My question is can we capture those minerals and if so what is the legal process?
If the parties cannot be located they can be force pooled and their bonus and any royalties will go to Oklahoma unclaimed properties and escheat to the State.
Thank you for the information. Does that mean that we can't try to get the minerals or do you have to wait until it goes through the unclaimed properties?
Ann Whitchurch said:
If the parties cannot be located they can be force pooled and their bonus and any royalties will go to Oklahoma unclaimed properties and escheat to the State.
I suppose the State of Oklahoma might sell the minerals eventually - wouldn't be anytime soon. You can ask the State Treasurer's Office.
It is common in Oklahoma for there to be many--in some cases, thousands--of mineral owners who collectively own a secion of minerals. I've talked to landmen who deal with this all the time, and they do make some effort to find as many of the mineral owners as possible, often locating them in various places across the globe. I do not know, but I cannot imagine that the law would allow you to capture possession of those minerals. As Ann Whitchurch stated, their monies will go into Oklahoma unclaimed properties. It is always a good idea for people who own minerals to check that state's unclaimed property records.
What about in Montana. What are the rules there?
Thanks
Thank You!
Ron Hicks said:
It is common in Oklahoma for there to be many--in some cases, thousands--of mineral owners who collectively own a secion of minerals. I've talked to landmen who deal with this all the time, and they do make some effort to find as many of the mineral owners as possible, often locating them in various places across the globe. I do not know, but I cannot imagine that the law would allow you to capture possession of those minerals. As Ann Whitchurch stated, their monies will go into Oklahoma unclaimed properties. It is always a good idea for people who own minerals to check that state's unclaimed property records.
Oklahoma is not like Texas in which if taxes are not paid on royalties they put your minerals up for sale and it's not like Colorado in that there is no taxes on non-producing severed minerals and if you don't pay them they sell them. The state of Oklahoma does not ever sell someone's minerals, at least hardly ever anymore since the States Attorney General took over. Besides you shouldn't put all your eggs in one basket. What are you going to do if it's one of the dry hole they've drilled then all you minerals are worth little, purchase minerals somewhere else, why do you think they've said for generations "don't put all of your eggs in one basket". Be wise, trade some in your tract to one of your neighbors for some of his or sell some and purchase some in Alfalfa County, you'll be a whole lot happier if your tract doesn't come in but 8 bbls a day. Or go ahead and gamble big and do like they do in Vegas and, put it all on red.