I have been aproached by a land company wantng to lease the mineral rights that they have found in my deceased Grandmothers name. Both her children are deceased so I guess it passes to myself and my two cousins. how do i know that I in fact am heir to this? They want to offer
$1,000.00 per net mineral acre bonus for a three (3) year term oil and gas lease in the above-referenced section. The lease also provides a 3/16 royalty payment on any production.
Is it enough that these mineral rights are still showing in my Grandmothers naem enough for me to move forward? after all someone wants to give me money and i am more than willing to let them.
Did grandmother have a Last Will & Testament probated? If so, it will govern who got her mineral interest; then, as you say both her children are deceased, likewise determine if either/both children had wills probated. Absent of LW&T for any of them, statutes of descent/distribution apply. Sounds easy, but there are complications with each case. How much acreage how you concerning, did grandmother own all the minerals? 80 acres x $1,000/acre would be $80,000 split among the mineral owners. The 3 year term is common if not prevalent to all venue, the 3/16 royalty is common but 1/5th and 1/4th are not uncommon to the more seasoned negotiator. If you're property is in Oklahoma or another venue of compulsory pooling, you've got other considerations.
As far as i Know she did have a will and it was probated, my father had a trust. Property is in Oklahoma. the other relatives seem to care less. Im wondering if I can get my part.
It’s always a good idea to add a clause to your lease stating that you do not warrant title and will not be required to pay anything back if a problem with the title arises later.
Hi Jim See,
As Rocky stated, Last Will and Testament probated tells the whole story of your G'Mother's wishes. You will need a copy of that and Letters of Testamentary along with her death certificate. Did her sons die before the will was made out? You will, I think, have to go to court to get the minerals transferred into your name, but, they can go ahead and lease to you before that is done in most states. Pay very close attn. to what Laura Reagan posted. You have no idea how important that is. If there are quite a few acres involved you should have a mineral manager to help you. The money they charge you will pay for itself many times over. I wish you the best with your new project.
Yours,
Wes Luke