Mineral Glossary
Common words used in the Oklahoma oil and gas business. We make the hard parts easy to understand.
Mineral Rights
This means you own the oil and gas under your land. You can sell it or let a company dig for it.
Oil Lease
A paper you sign to let a company look for oil on your land. They pay you money to do this.
Royalty
The share of money you get when a company sells oil or gas they find on your land.
Acquisition
When a company like MWC buys mineral rights or leases from a landowner.
Bonus Payment
The first amount of money a company pays you for signing an oil or gas lease.
Operator
The company that is in charge of digging the well and making sure the work is done right.
Frequently Asked Questions
Do I own my mineral rights?
In Oklahoma, you can own the land on top and the minerals underneath separately. To be sure, you should check your deed or property records at the county office.
What is the difference between leasing and selling?
Leasing is like renting out your minerals for a few years. Selling means you give them away forever to someone else for a one-time cash payment.
How do I know what my minerals are worth?
The value depends on if there is oil nearby and how many people want to buy. We can look at your land and tell you what it is worth today.
What is a royalty?
A royalty is your share of the money when oil or gas is sold. Most of the time, the mineral owner gets 1/8th or 12.5% of that money.
Can I negotiate my lease?
Yes! You can ask for more money upfront or a bigger share of the oil sales. It is always a good idea to talk about the rules in your lease.
The company will pay you a bonus check. Then they have a few years to see if they can find oil. If they do, they will start sending you royalty checks.
How long does it take to close a mineral sale?
Most sales take about 30 days. We need to check the land records to make sure everything is correct before we send the final payment.
Helpful Resources
Oklahoma Corporation Commission
The main state office that oversees oil and gas work in Oklahoma.
OCC Oil and Gas Well Records
A place to look up records for any oil or gas well in the state.
NARO — National Association of Royalty Owners
A group that helps people who own mineral rights learn and stay safe.
Oklahoma County Assessor
The office that keeps track of who owns land in each county.
Oklahoma Tax Commission
The state office that handles taxes for oil and gas money.