I need someone to help this Alabama girl out and let me know what is going on in this area. I've had several companies contact me regarding leasing. What are they offering, etc.? Of course they all imply that they will start drilling after the first of the year and want me to sign immediately which I am not going to do.
This was my Mother's and the last company that she signed a lease with took advantage of her age (in my opinion). Thankfully the lease expired. I learned several lessons with the previous lease but the more I read the more I feel like there are many, many things I need to look out for regarding the terms and conditions of the lease.
Leslie,
I’m sure someone else will chime in, but in the meantime check out “mineral help” at the top of this mineral rights forum page.
There is a ton of info that is very helpful. Also go to the Oklahoma Corporation Commission. Click on “industry”. Under oil and gas go to imaged documents. Go to oil and gas records forms. Fill in the legal location like this for both of your sections---- 2001S04W and 2101S04W. There are some older wells and a water system listed. This will get you started. Again, I’m sure someone more knowledgeable than myself will chime in.
Leslie, There several poolings pending right now. when they are settled, you will have a better idea of the general "going rate" for the area. Citizen Energy is in S 4 and Continental Resources in S6. The closest pooling to you was in S 18 back in 2015 for $2060 3/16, $1800 1/5 and $0 for 1/4. That was when oil prices were double what they are now, so probably not what you will seeing in 2017.
If you want to friend me with the blue icon next to my name, I can walk you through the pros and cons of your old lease and what you need to look out for in the new leases. You are wise to wait a bit before signing. Getting a good lease is actually more important than the bonus money in the long run in my opinion.