I just found out I have mineral rights for this section and some in section 5. What is being offered?
I attended a seminar in Chickasha and they said Mcclain area was averaging 4-4500 @ 3/16 royalty. A lot depends on how many acres they have.
I was told 1/5 royalty was best. We have 115 acres in section 5 and 6.
With that that much acreage I would ask the moon. 4500 and 1/5 or more.
Tell them you want no deductions, depth clauses, Pugh clause, Shut in clause, Commencement clause and be sure to protect yourself on you surface rights if you have them. All that should be on your exhibit A that has become pretty standard these days, and will be attached to the oil and gas lease.
I am new to this. I don't know what any of those clauses are. We have a total of 230 acres ( 110 in section 5 and 120 in section 6) but my grandmother only kept 50% mineral rights which would be 115 acres. We have had some interest from oil companies but have not signed lease.
You sure that's not GROSS acres?
115 NET acres in those two sections... You'd have a landman at your door daily.