I signed a lease offer on my minerals in Oklahoma over 60 days ago, and mailed it to the energy company. The lease offer cover letter said I would get payment in 30 days. They have had the signed lease well over 30 days and no check has been sent. Can I back out of the signed lease with that particular company and sign a lease with another company that has made a better offer?
I 'm sure the company told you that they had to ‘cross all the t’s and dot all the i’s’ in checking all the legalities as to your ownership of the specific area and that can actually take up to 2-3 months. Just the name difference of Joe Smith vs Joe M Smith vs Joe Manly Smith, or the death of a joint tenant can cause quite a delay. That is a very good reason to keep mineral interests updated at the County Clerks Office. Also, have you already signed and returned a W-9, as the leasing company must have one on file before a check can be issued. Please pull out your copy of the lease and find the clause covering this topic; it should tell you what your remedy is. You usually can not cancel a signed lease for at least 90 days and you must notify the leasing company in writing stating what breach or default of contract has happened and give the company a reasonable amount of time to remedy the problem. I have had this problem with the title search, and even though the land / mineral rights have been in my family since the 1930s thru inheritance, it has taken months & months to prove the chain of succession - and my Dad was meticulous in keeping paperwork concerning leases, sales, wills and death certificates.
Failure to pay the bonus is not grounds for cancelling the lease without a court action.
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It is unfortunate that you sent in the signed lease before seeing all the discussions on this site. In the future, do not send in an original lease without getting paid at the same time. Have you contacted the landman and asked for payment or return of the lease? Also check the county deed records and see if it has been recorded.
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Have you talked to the company that took your lease at all to find out why you havent been paid? Seems like theres a hangup on your title, tell the new company that you signed a lease with the name of the company and have yet to be paid and see what they say
Was the OGL deposited in your bank with a draft for payment? If so, your bank can request the return of the OGL for non-payment of the draft. If it was returned by mail with promise of payment that did not have a performance requirement, then you will need to consult an attorney for the return or payment.