I would wait before selling anything in Township 7N, Range 6W until I hear the completion numbers on some recent wells drilled there. Hearing rumors there could be some very good wells there.
I just received an offer to lease from someone in Norman, OK for Section 34-Township 7 North-Range 10 West in Caddo County, Oklahoma. The terms are $250 per net mineral acre with a 3-year primary and a 2-year option at $250. It provides a 3/16th royalty. This was my grandfather’s property, I live in VA and had an uncle who dealt with this the last time an offer was made. I only have partial shares. Does everyone have to agree to the same terms? What happens if I have no idea who else still has rights? I think the option for an additional 2 years is not a good idea, but then again, it has been a long time since anyone has approached about a lease. Any advice is appreciated. I don’t want to make a decision on my limited information and knowledge.