I recently found out I inherited these mineral rights when I received a legal notice that Devon wanted to drill on the Section 35 piece. I have been unable to find a mineral deed on the Blaine County website. Nor have I been able to find a copy of my aunt’s will. I have been offered $15,000 for the section 35. I assume that is a low ball offer. How do I determine what the long term returns will be for this section? Reading Devon’s quarterly report is just a glorified press release. It doesn’t specifically address this area of Oklahoma. If I can’t prove ownership how do I collect royalties? Thanks in advance for any responses and advice Carolyn
First, how did you find out that you inherited the minerals? Did you search the Blaine County Clerks records online using your aunt's name or variations of her name. You can also search for records online using the property description. If you are in OK you can go to the clerks office to search records, if not you might need to hire a Landman in the area to search for you. Do you know how many acres you have? Who made the $15,000 offer (Devon?) and is that per acre and is it a lease offer or a purchase offer? Those are just a few of the questions you need to get answers to be able to move along. You are also going to have a file an Affidavit of Heirship with the oil company to get the royalties in your name. If you're not at all familiar with any of this maybe you need to hire a Landman in OK, I currently have RYAN STORY researching our deeds, leases, and other information, he comes very highly recommended and he is doing a great job for me. You can contact him through this forum (go to drop down menu under MEMBERS, then LANDMAN, then find RYAN STORY). He will ask some questions about what you need and then tell you the process and what you really need and an idea of the cost. Never accept a first offer, if they are offering $15,000 to start it's probably worth much more.
Legal notice means integration (pooling). You have to act quickly. Most leases are north of $2000/NET MINERAL ACRE. Most sales from $5000-8000/nma and even higher. Is this yours? Brewer is only name I see on site in 35-16-12W for mineral deeds, Lux and Loosen in 26 (adjacent sec to North) https://okcountyrecords.com/
Thanks for your reply. I’ve searched the Blaine county clerk’s website and have only found other sections that my aunt leased. All of the mail that I have received is addressed to Doris Barron c/o Carolyn Conway. I’m wondering if she bought it in my name so I don’t need any proof of inheritance. I still don’t have a mineral deed though. Perpetual Productions made the offer for one acre. I think you’re right. I probably should hire a landman to help me with this. Thanks for your recommendation. I’ll be looking into it Carolyn
Thanks for your reply. The legal notice was an application to drill which has been granted. The Blaine county clerk only has other sections under my aunt’s name that she leased out. There is nothing under my name.
A lot of times, when it comes to poolings, the operator will name known and unknown heirs of lets say your aunt, Doris Barron. Typically, a broker will look for heirs, then maybe they found you. You mentioned a will, if you knew for a fact that she had a will and that you are named as a beneficiary then you will need to have the will probated using an attorney. They will know what to do, typically it's around $3000-5000 for a probate. If there is no will, and your Aunt had any children or a husband, you will not receive any of the interest through intestate succession as that interest will stay in her direct line of heirs. If your aunt passed away with out a husband or children, then the interest would go back up to her parents, and then if her parents are deceased to her parents children, or her siblings. From there, if all her siblings were deceased, it would go to the siblings children where it appears that you would inherit.
My opinion only, $15,000-19,000 per acre (depending on royalty) seems like the going rate on the ground. I own in 24-16N-12W and have a similar offer. If the minerals are unleased, you should be able to lease in the area for quite a lot....I haven't leased in a while over there, but I think $6000 on a 1/4th royalty is normal.