Frequently Asked Questions
Now that I have received an Oil and Gas Lease, what do I do:
- Sign and Notarize the lease
The lease needs to be signed exactly as your name appears on lease itself. This is how your name has been filed of record.
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If there are extra directions on the letter, please follow them.
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If your state doesn’t require a Commission # for the notary, leave it blank.
I received my lease, but my name is misspelled:
- Call our office at (405) 848-2707 and we will double check how your name is filed of record.
- Return the Executed Lease Package:
In most cases you have a choice of either sending your lease to Reagan Resources or taking it to your bank using the BANK DRAFT (all forms go together)
Choice 1
Return all documents including the executed Oil and Gas Lease and the Draft to Reagan Resources, Inc. at 2601 N.W. Expressway, Suite 801-W, Oklahoma City, OK 73112. After the lease has been approved and the information verified, a check will be mailed directly to you.
Choice 2
Return all documents, including the executed Oil and Gas Lease and Draft to your bank. Your bank sends all documents to our bank, our bank then sends a copy on to us. After the lease has been approved and the information verified, a check will be mailed from our bank to your bank. Your bank will then deposit the check into your account. A bank draft usually allows 30 banking days from the day Reagan Resources receives the executed lease until payment is sent to your bank.
- Payment will be made based on how the lease was returned to Reagan Resources.
Other Important Information:
Margins on the documents are very important:
Please do not write in the margins of the lease. Additional fees must be paid at the court house to record a document that does not follow regulations.
If you print the document from your computer to sign, you must print the document on to legal size (8 ½” x 14”) paper to maintain required margins.
Verify your address:
Make sure that we have the correct address in which to mail your check. If there are any changes please call our office, (405) 848-2707.
Understanding Surface Damages and Dominate Mineral Estate in Oklahoma
In several situations in the State of Oklahoma the Mineral Estate has been severed from the Surface Estate. Oklahoma law holds that the mineral estate is dominant. The Mineral owner or owners have the right to freely use the surface estate to the extent reasonably necessary for the exploration, development and production of the oil and gas under the property. A company or individual may exercise the right to freely use the surface estate for the benefit of the mineral estate. This is referred to as the “Dominant Mineral Estate.”
A company can gain the right to explore for minerals on the property once they have obtained an Oil and Gas Lease. The company that acquires the Oil and Gas Lease is referred to as the “Lessee”. The mineral owner granting the lease is the “Lessor”.
The Oil and Gas Lease grants the Lessee broad rights to use the surface for the purpose of exploring for and producing oil, gas and other minerals. Rights include, but are not limited to, the right to conduct seismic tests, drill wells, ingress and egress, access to build, maintain, and use roads for access to and from well sites and facilities, to build and use pipelines to service wells and facilities on the property, to use surface and subsurface water on the leased premises for drilling and production operations, and to drill and operate injection wells to enhance lease recovery and dispose of production produced water.
The Lessee has the right to conduct these exploration activities without the permission from the surface owner.
Exploration Companies often prefer to avoid potential disputes by obtaining a “Surface Damage/Use Agreement” from the Surface Owner and to pay them a one time fee for the use of the surfaces. A Landman will enter in to negotiations with a Surface Owner to obtain such an agreement. In the event, an agreement is not reached; the Exploration Company still has the right to conduct reasonable surface activities, and will begin court proceedings to do so.
What is Seismic?
Reagan Resources, Inc. has created a Department especially for Seismic projects.
Reagan is well versed in the concerns and needs of the Surface Owners as well as the Exploration Companies
in permitting 2-D and 3-D Seismic Projects. The Reagan Resources, Inc. Seismic Crew is
experienced in negotiating with land owners and acquiring permits for Oklahoma Seismic projects, as well as
data basing the information to provide the client with clear concise reports on the permitting activity, progress
and success on a regular basis.