For this analysis, we examined public mineral deed records in 66 counties. The charts and maps below are powered by our platform, Convey640. As a subscriber, you too can perform detailed analysis. This writing is meant to be informative and is not intended for investment advice.


Here we are, starting 2022. The industry has gone through a lot in the past few years. On top of that, we have all been dealing with the challenges of Covid. To say it has been a tough couple of years is an understatement.

But it is a new year, new beginnings, and hopefully some new opportunities. The industry appears to be steadily improving and prices are rebounding. At the time of this writing WTI Crude Oil is at $82.64 and Natural Gas is at $4.86.

Let’s dive into some data and see how the Oklahoma mineral market responded to 2021!


The Top 10 Grantee chart is based on the number of tracts acquired, not mineral acres. An interesting note for this chart is that 6 of the Grantees were on our 2020 leaderboard! 

  • We purposely removed a few grantees who appeared to be related to a blanket, bank conveyance. Their total was exaggerated due to convering every Section-Township-Range in multiple counties. 
  • As we have mentioned in the past, the number of tracts acquired throughout the year is not the best indicator of who is spending the most capital. 
    • A 0.25 net mineral acre tract is counted with the same weight as a 250 net mineral acre tract. 
    • Therefore, we examined the total consideration below to get a better idea of who is actively spending in Oklahoma


As stated, we believe that the total amount of consideration recorded is the best, publicly available indicator of who is actively investing in minerals.

  • Consideration is based on the Doc Stamp Recorded (75 Cents Per $500).

Total Consideration across 66 examined counties was $200 Million.

Top Ten Grantees, based on consideration, spent $115.30 Million.

  • Collectively, in 2021 the top 5 spent $97.4 Million.
    • For comparison, In 2020, the top 5 spent $48.1 Million.

The monthly consideration chart below matches the sentiment felt when talking to people last year. As the year went on, people became more optimistic about the future.  

  • The dip in mineral consideration at the end of the year is likely due to the holidays and companies/mineral owners being out of reach. 

Oil Price

Gas Price

The number of tracts acquired, throughout the year, was fairly consistent

  • The large spike in March, appears to be related to the aforementioned blanket, bank transaction(s).


Eckard continues to impress with its mineral activity. They accounted for 43.7% of consideration spent amongst the top 10 mineral buyers.

The Mineral Resources Co II steadily acquired minerals throughout the year. They targeted Grady, Stephens, Garvin, and Carter counties almost equally. 

Timberwolf came on strong at the end of the year and jumped into the leaderboard with a large mineral purchase in December.

PHX Minerals appeared on our radar back in late spring when they announced a 2,698 net royalty acre acquisition in Southern SCOOP.  

L3 Resources was quiet at the start of the year, but ever since August, they have been picking up assets. Their largest number of tracts were acquired in Kingfisher County, OK.


The majority of mineral activity occurred in the Anadarko Basin and Arkoma Basin. This makes sense when you consider where current drilling activity is taking place, and where recent producing completions were located. 

  • Owning minerals is attractive to companies due to cash flow.
    •  The areas in light blue represent areas with little to no activity. 
  • The redness (more activity), of a few of the counties, is likely overstated (Texas County for example) due to blanket conveyances.
    • This chart is based on the number of tracts recorded. 

If we filter to Eckard, Mineral Resources, Timberwolf, PHX, and L3 we can see that a majority of the capital was spent in the SCOOP and STACK regions. 


Thank you for reading Minerals of Oklahoma 2021! If you want to share our newsletters with friends and co-workers please send them the link below. They can read past newsletters, sign up for future ones, and explore our website to learn more about our data and software solutions. We appreciate your support!


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