Ms. Barnes - Thank you for pulling all this info together… My holdings are in the S 1/2 of the SE/4 of the SE/4 and the SW/4 of the SE/4 so if I am following the legals correctly, they are not near or part of the well spacing info you provided or what Okland pooled. Altho, I gotta admit the spacing thing is something I don’t really understand… Thank you, again. Teddie
David - Fillmore has strung me along for over 80 days… Still don’t know what they are up to… Thanks for sharing your dealings with Fillmore - my dealings have been a nightmare, also… Teddie
Check your lease documents. If you signed a draft payment letter, it will have the timing on it for payment.
Ms. Barnes - Thank you… The draft payment letter says, “Upon receipt of this agreement, we will verify your interest within 30 business days and send an Oil and Gas Lease to you; within 10 business days subsequent to the return of your properly executed lease will we will issue you a bonus payment check.”
I mailed the signed draft payment letter on June 29. They should have received it July 2. They received the lease on July 30… Teddie
We are about to receive our first royalty check for our minerals. Those of you who have been down this road, any advice? Is it wise to have outside accountant check the numbers against the state numbers? At this point it could be so small that it wouldn’t warrent that. We have no idea how simple or complex the invormation will be. Any information or advice is welcomed, Thank you , Mary Ellen
Mrs. Streck:
Wait until you get your first check, review it, then if you have specific questions, come back to the forum. All of your questions, if any, can be addressed specifically, instead of overly broad statements…
Todd M. Baker
Thanks Mr Baker, we will do that. We were trying to get ahead of ourselves, I suppose. Mary Ellen
I had a lease for the Brody back in 2012 I believe,Its still paying me around 25 dollars a year,but Fillmore says 2.11 MA of the 3.03 I leased is available for lease but I dont believe anything they say.I have been contacted by 2 other oil companies about leasing it but after a couple of weeks they both said they are not interested in leasing 20-7-3.Makes me think im HBP.
The Brody is on 80 acre spacing. Depending upon the shape of your acreage and your previous lease, you may or may not be open. There has been a lot of leasing in that section over the last 24 months. Call Fillmore back and have them explain which part of your acreage is open. Then you will be ready if someone else offers.
I own 1.667 net under 100 gross in T7N-R3W, McClain Co, Oklahoma. I leased this tract around 3 months back for a strong bonus and 1/4th Royalty. I added many protectionary clauses to said lease which was agreed upon. I was paid, not by draft, but by check. I am wondering if there is any other activity going on in this section, and/or if an intent to drill has been filed. *I am also wondering what this mineral tract is actually worth at this time. Thank You for your help. M. Gilbert contact: tuskahoma@yahoo.com
Since you did not give the section, we cannot answer precisely. Quite a few sections in that township have pending or resolved OCC cases. If your address is on file at the McClain County courthouse and affiliated with your legal description, then you will received any OCC case information relevant to that section.
Your tract is worth “what a willing and informed buyer and a willing and informed seller under no pressure to sell agree to”. Since you have a 1/4 royalty, that will be worth more than a 1/8th lease due to the increased royalty potential.
Good morning Ms. Barnes. My legal is T7N-R3W Sec. 4: W2SE, N2NESE. own 1.6net under 100 gross acres. Leased 3/1/18 for 3 yrs. with not top lease option…1/4th royalty, struck warrant and defend clause, no marketing and gathering fees charged to Lessor, $3,500.00 per acre lease bonus. Paid by Check, not draft. I am wondering what the actual value of this small tract is using the standard matrix for this locality. Are there any plans to drill here. Whatever you can tell me would be appreciated. I am trying to get a snapshot of what if anything is happening here. I am getting letters from companies interested in buying this tiny interest… and i wonder what it is worth.
There was lots of leasing in that area in 2017-2018. Those leases will begin to expire in 2017, so they will need to drill or lose them. You already have a pad in the upper NE corner which drilled north into Sec 33 and beyond, so that might be useful for drilling south into 4 and maybe 9. If you are getting interest, then something is up, but it is not posted yet. Your lease bonus is also indicative of interest. Don’t know what the value might be. If I get offers, I hang on then usually collect royalties sometime later.
Thank You Ms. Barnes for your kind reply. The offers that I am getting seem to be fishing expedition more than anything substantive. One gets the general cover letter telling of their interest in acquiring mineral interests where i am at. I reply to their letter and because my interest is small, i.e. 1.667 net- if they cannot steal it they do not want it. lol Meanwhile one works with what they have. I am trying to understand though what a ballpark value for the tract actually is, once we get over the minutia of ‘how motivated the buyer/seller is’ etc. and I do not have a picture of value to date. I am not a motivated seller, and will likely ‘observe’ the play, see if they eventually drill and perhaps hit… and entertain serious offers… or with horizontal drilling and the initial production check(s) being the real payoff- i can ride and grin. I appreciate your time and valued feedback. M. Gibert