I negotiated the identical leases for family members in 26-15N-25W and 28-14N-24W with Upland Exploration, which is very active in Roger Mills county now, for $1850 and 1/5th with a good Exhibit A. Upland’s Exploration’s leasing agency was Jenkins Energy Partners. You may access the leases by googling “Roger Mills County Clerk search” although viewing the leases 'themselves requires you to get a $10 account with okcountyrecords.org. Or you can visit the county courthouse for free and take photos. Overall, I was pleased with Upland/Jenkins although I initially was very displeased when they included a document outside of the lease which gave them the option of not executing the lease for 60 business days. I got that paragraph struck but family members had to wait 45 business days (9 weeks) to receive their bonus checks.
I was contacted by Jenkins representing Upland regarding my property in Roger Mills 33-13N-24W. Current offers are: $1,000.00 per net mineral acre bonus consideration, for a three (3) year term oil and gas lease providing for a 3/16th royalty
$750.00 per net mineral acre bonus consideration, for a three (3) year term oil and gas lease providing for a 1/5th royalty
It was the first offer, so not biting anytime soon. Did you get an offer with 1/5 or 1/4 royalty?
I usually take the highest royalty and not worry about the bonus money.
You signed something before you leased that dealt with the closing date. Not to be rude, but if youre now upset with the timing upon being paid, you should have negotiated that beofre you signed
He stated he was initially displeased.
Right. Sometimes I don’t get everything I want. Initially the cash bonus was to be paid 60 business days after the lease’s start date. I got that reduced to 45 business days. Jenkins Energy’s reasoning to me was that unlike in the good old days when owners could receive their bonus check the day they delivered their signed lease to the lessee, Jenkins doesn’t start their research to lock in title verification until after they have received a signed copy of the lease. Our lease doesn’t warrant the title. Surely 45 or 60 extra days for the lessee to hold on to the cash bonus is a nice incentive for the lessee to do as they did here.
Its hard to follow what your complaint is? You say, “I got that paragraph struck but family members had to wait 45 business days (9 weeks) to receive their bonus checks. Surely 45 or 60 extra days for the lessee to hold on to the cash bonus is a nice incentive for the lessee to do as they did here” The Lessee didnt hold on to the cash, they simply ran due dilligence on your mineral interests which they then paid you upon the agreed closing date. If your gripe is the effective date, thats on the mineral owner and should have made the OGL effective date the same time as the closing date, but in the big picture, youre hoping that they drill a well on your property so that shouldnt matter, if they dont drill your minerals, you will be open to lease again a month sooner so a win win for you