New member and new beneficiary of mineral deeds. Trying to make sense of it all. I have a couple of basic questions.
Question #1: How are Net Mineral Acres calculated? (Example: 360 acres is 40 net acres according to a recent lease. How was that calculated?)
Question #2. I found a website OKCountyRecords.com. Is every mineral record on there for Oklahoma? I expected to find a couple of records that didn’t appear there even when doing a high-level search.
Thank you for any help that might be given. I am learning as I go.
Homestead owns the full 360 acre tract. All mineral interest. He/she has three kids. They now own 120 net acres. Each owns 120/360 (or 1/3 each). Then suppose each of those kids has three kids each. Then the first and second generation has passed away, or maybe only one of them. Each grandchild now owns 1/9 of the originai 360 acre, which equates to 40 net mineral acres. Another way to think of this is like stock in a company. The shareholder owns a fractional share of the entire company.
Not all records are listed on okcountyrecords. Some counties only go back to a certain date. Others go back to prior to statehood. Then some counties don’t list all the descriptions, or they have errors when inputting the information.
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The courthouse has the physical records.
For okcountyrecords, there can be an amazing number of typos, so you can used the advanced search and look by location and try various spellings. Try going back a generation or so. It can be a detective hunt!
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