We have mineral rights in Harper County, Oklahoma (Section 33 & 34 T26N R26W). We were approached 2 years ago to lease the rights and the negotiations just kind of died out. We just received a certified letter from the same landman company representing the same Operator asking $100 per net acre, 3/16th and a 3 year term (The original offer). They have named the well Don #1-34. The letter is asking us to indicate our election as to either leasing under the above terms or participating (Which we have no interest in). They more or less indicate one or the other and end the letter with the fact that they will be filing a pooling application with the OCC in the near future.
Can someone help with needed info and perhaps where to go from here? Since inheriting our mineral rights this will be our first opportunity to sign a lease. Several other properties are held under previous signed leases already.
- Is there someone that can tell me about the activity / Bonus Amounts, etc going on in this area?
- Ending the letter with a Pooling Application threat – Can someone file for a pooling order with a minimum of Royalty Owners leased? Or do they need a certain amount signed first?
- Do pooling orders ever include the “must have” clauses: Deductions, Commencement, etc?
If anyone can get me going in the right direction, I would be most appreciative.
Any help is most appreciated.
Thanks