Oil And Mineral Rights?

My grandpa passed away 6 years ago in the midst of selling 60 acres of land in Carter County, Oklahoma. We finished selling off the land and went on our way about 2 years ago, but we still have the Oil and Mineral rights. The guy who bought the land passed away last week though. Today, we received a call from an oil company saying they found oil on the land and they wanted to buy it from us. Where do we go from here?

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    Lv 5
    8 years ago
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    There are attorneys that specialize in oil and gas law. I would contact and consult with such an attorney BEFORE signing ANYTHING the oil company presents to you. I don't know too many oil companies who are in the business of owning land. What they are probably wanting is to take out an oil/gas lease on the land. This means that for a specific period of time a specific oil/gas company has the right to explore for and/or produce oil/gas from the property. The mineral owner would get a fraction of each barrel of oil or mcf of gas produced from the well. Of course the fraction would be in dollars not actual oil or natural gas.

    But again, you should find an attorney experienced in oil and gas law to help you navigate the leasing agreement etc. Many mineral owners have signed leases with companies for what they thought was a good sum of money only to find out later that the same company, or another company, offered the neighbors many times money for neighboring leases.

    Good luck. Wish I had some mineral rights that companies were interested in leasing.

    Source(s): 10-year working Petroleum Engineer
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