Energy Industry (Oil & Gas)/ratification of oil and gas lease

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Question
Our lease was signed by my mother (now deceased) in August 2005.  The primary term was 5 years.  We received a ratification of the oil and gas lease to sign.  The original lease stated the percentage of 1/8 or 12.5% which was customary at the time but is higher now.  The wells are producing and we are being paid royalties.  It it possible to renegotiate a higher percentage or do we have to sign the ratification and keep the 12.5%

Answer
Check witn an oil and gas attorney, but my feeling is it's unlikely you'll be able to negotiate anything different since the lease is now "held by production." You don't HAVE to sign the ratification of course but I doubt that would improve your situation either since you'll still be bound by the lease terms your mother agreed to.

Hope this helps you out.
Frederick M. Scott CMM, RPL
The Mineral Hub
www.mineralhub.com

Energy Industry (Oil & Gas)

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Frederick M. Scott

Expertise

Oil and gas leasing, lease negotiations, how to best deal with the oil and gas companies or their representatives, buying/selling mineral rights, forced-pooling, correlative rights, deeds and conveyances, and "post-production" costs. I am most experienced with Oklahoma properties and laws, but am able to answer questions concerning other oil and gas producing states in many cases.

Experience

I am a Certified Professional Mineral Manager (CMM) certified by the National Association of Royalty Owners (NARO) in Tulsa, OK. I am also a Registered Professional Landman (RPL) with the American Association of Professional Landmen (AAPL). I have managed my family's oil and gas properties in Oklahoma for over 10 years and have dealt with many landmen, title analysts, attorneys and other oil and gas professionals in the process. I have written articles of interest to mineral rights owners which have appeared in various industry magazines and newsletters. I have negotiated and drafted leases, prepared deeds, affidavits, and other legal instruments relating to my own minerals, as well as performed title, legal research, and curative work for same. I have acquired a good deal of knowledge on the subjects of oil and gas law, mineral appraisal, and land and title work over the past ten years, and have also worked as a professional landman. I've seen the business from "both sides" and therefore feel confident I can help out most of the folks who ask questions in this forum.

Publications
National Association of Royalty Owners "Action Report" (ROAR); NADOA Magazine, The Mineral Hub, Landman Magazine, and several royalty owner association group's newsletters.

Education/Credentials
Certified Mineral Manager (CMM), Registered Professional Landman (RPL)

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