Dewey, OK. 16,16N,17W. 640 acre unit. Chesapeake current operator.
8 undivided mineral owners of entire 640. 5 had depth clause in 1997 lease. 3 of us did not? 2 of 3 wells still in production, so I can’t lease. The others with depth clauses have leased 100 ft below Tonkawa to new operator.
Question is will the original 3/16 royalty agreement still apply to any revenue from new well? And who gets the lease bonus for the 240 acres whose owners didn’t have the depth clause? Chesapeake the original lessee?
Yes, your 3/16 RI is still in effect. Whoever owns the lease (in this instance likely Chesapeake) will have the right to the lower zones in the 240 NMA. They would be entitled to the lease bonus, although it usually works a bit different in that world. They may assign it to the new operator for a Override in the well, sell the interest, participate in the new well, farm out the interest, or a combination of above. It is their option and likely it will be a contract or agreement in which the details will not be public.
Thanks Rick for that rapid and sustinct response. I searched for 2 days on google to no avail.