Hi, I’m new to this forum, & have some questions about the activity going on in Grady county. My mineral rights are leased at this time, & the company has been approved for increased well density in 5 wells. What does this actually mean? I have numerous offers to buy my mineral rights & wonder if anyone knows what the going rates are at this time? Any information would be helpful. Thank you
increased density means that the operator has requested permission from the regulators to drill more wells in a unit than what previously was allowed. They do this to increase the recovery of oil and gas. This is a very good thing for you.
I received a request earlier today from someone to look at some acreage not far from you - 10N 6W (a couple of different sections) but close to your acreage. I will see what I come up with and how your acreage compares then circle back.
Are you leased at 3/16th’s or a different royalty rate?
I’m leased at 3/16ths. I have about 10 acres that I inherited from my parents. Thank you for your quick response. I’m trying to find out everything I can.
Hello, I am also trying to determine the “going rate” for a mineral lease. My brothers and I have 7.5 acres located in Grady county Section 22, Township 03 North Range 07 West E/2 E/2 W/2 and W/2 E/2. We have been offered a lease with a signing bonus of $400 per acre (3 year term). And a 3/16 royalty. From what I read here, the 3/16 seems about average - I’m more concerned about the $400 per acre as that seems low to me. All comments are appreciated! Thx!
Switchplay, there’s nothing going on in that section right now but unless you need the money I would wait for better offers. Within 3 years there could be some action in the area and that $400 could be way under value.