I have searched this forum and found several topics of this nature. I gather it is suggested that someone might get a good start on this looking at the Oklahoma County Records website.
I have looked at the website and I can see some history of the transfers of ownership of the land from my grandmother to my mother and father, etc. To be honest it all looks like Greek to me as it pertains to this Division Order. I think I might benefit from having a pro verify what I’m looking at.
My specific situation is that I have inherited mineral rights on land in several Oklahoma Counties that have existing wells already drilled. I am now receiving the ‘Amended Division Order Statements’ for the transfer of those interests into my name.
My estate attorney advised me that it might be wise to have a landman verify what I own before I sign any Division Orders. She doesn’t know of any landmen who aren’t tied up with work for the Oil Companies, however. She indicates that perhaps there are a short supply of landmen.
I was also advised it might be wise to get an assessment of the value for capital gains tax purposes in the event I ever needed to sell also. I believe it was conveyed to me that a landman would play a role in that also.
Thanks for any help you might be able to provide.
You can observe qualified professionals (often with localized expertise) who provide services to mineral owners right here on The Mineral Rights Forum. You will notice them in 3 different places on the site:
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in display image ads and text links on site
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in our Mineral Service Provider Directory in the main navigation bar above. These are arranged by professional discipline.
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as a Business Member within many conversations throughout the site Look for the blue colored “B” on their picture and blue colored text).
These practitioners are often able to provide specific (and often localized) services that meet your needs.
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A property valuation is generally outside the practice of a landman unless they have received other specific training. OK County website has very good historical records, so a general title review is possible. The landman will not have to be located in OK since the records are available online.
Your Division Order decimal is based upon a formula:
net mineral acres/actual spacing acres x royalty x % of perforations in your section.
You can ask the operator’s Division Order analyst for the net mineral acres, royalty and which lease is holding your acreage. You can ask politely for a copy of the paragraphs that pertain to your acreage so you can update your files.
In OK, you do not have to sign a division order in order to get paid. The operator really wants your W-9. Search the forum using the magnifying glass for “Letter in Lieu of Division Order” for a copy of a template letter to use. You can go ahead and do that first to get into pay.
There are several groups that do forensic evaluations listed in the Directories tab above. Pecan Tree does mostly the Western States. Vass does the Eastern States. For IRS purposes and sales it is wise to get a petroleum engineer to do the evaluation to get a basis the value from the previous owner as of date of death.
The AAPL has a public directory of landmen.
Thank you for the replies. I’m hoping to get moving this week on this. I thought my attorney was going to recommend someone and I never got a name is why this hasn’t been done before now.
I appreciate the advice.