January 22, 2025
In this analysis, we reviewed public mineral deed records from 68 Oklahoma counties, focusing primarily on business-to-business (B2B) transactions. To maintain this focus, any deeds involving grantees with “Trust” in their name were excluded, as these are often family-specific transactions where only the name changes. The charts and maps featured below are generated using Convey640 data. Please note, that this article is intended for informational purposes only and should not be considered investment advice.
Cody Tucker, Co-Founder
Convey640
INTRO
We’re thrilled to share our highly anticipated annual report on mineral activity across Oklahoma for 2024! Each year, this report highlights key trends, insights, and developments shaping the state’s energy landscape.
As we release this sixth edition, we’re reminded of how Convey640 has evolved to deliver data-driven clarity to the oil and gas community. We’re honored to continue this tradition of empowering decisions with the most up-to-date and reliable information.
For those curious about past reports, here’s where you can explore previous editions:
Minerals of Oklahoma 2023
Minerals of Oklahoma 2022
Minerals of Oklahoma 2021
Minerals of Oklahoma 2020
Minerals of Oklahoma 2019
Let’s dive into the highlights and insights from 2024 without further ado!
WHO (GRANTEE)
The Top 10 Grantee chart is based on the number of tracts acquired, not mineral acres.
As mentioned in the previous reports, 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.
The most active grantee in 2024 was Burk Royalty Co. Ltd., which appeared to have acquired interests from Urban Oil & Gas across multiple counties. This acquisition is also referenced on Burk Royalty’s website. The second highest tract count was attributed to Flying H Ranch, which seems to have obtained its interests from Wake Energy.
WHO (GRANTOR)
Now that we have examined the number of Grantees, let’s examine the number of Grantors. Within Convey640, you can view the Grantors associated with each Grantee and gain a clear understanding of the buying, selling, and brokering activities occurring.
There is nothing particularly unusual on the Grantor list, though a few sellers are connected to some of the largest mineral purchases based on consideration, which we’ll discuss shortly. It’s no surprise to see Wake and Urban near the top, as they were also prominently featured on the Grantee list (Flying H and Burk).
HOW MUCH & WHEN
As stated above, 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).
The total consideration recorded across all counties examined in 2024 was approximately $389 million, down from $419 million in 2023. While pricing dynamics are complex and influenced by many factors, a possible contributor to this decline is the concentration of activity in the SCOOP and STACK regions, which have been highly active areas for many years. As a result, there may be fewer opportunities to acquire assets from individuals, with companies potentially holding onto their assets as investments, leading to fewer B2B transactions. Of course, this is just speculation, but the steady decline from the mineral boom of past years seems to continue. That said, this trend isn’t necessarily negative—it’s simply reflective of a maturing market. Additionally, monthly oil prices were lower for much of 2024, which likely affected the overall decline in spending.
So who were the top Grantees based on the consideration recorded? Check out the chart below!
The top 10 grantees, based on consideration, collectively invested nearly $172 million, accounting for approximately 44% of the total expenditures in the state. Notably, five of these top buyers also appeared on the 2023 leaderboard. Congratulations to all the companies investing in Oklahoma! As an Oklahoma-based company, we take pride in seeing continued investment in this great state.
BLUE SKY MINERALS LP – 16.63%
ECKARD OK HOLDINGS LLC ET AL – 9.93%
FAIRMOUNT MERCURY PARTNERS LLC ET AL – 2.98%
L3 RESOURCES LLC – 2.94%
EMORY PEAK MINERALS II LLC – 2.74%
THE MINERAL RESOURCES CO II LLC – 2.01%
T3 ENERGY LLC – 1.99%
APPIAN WAY PARTNERS VI LLC – 1.78%
BUFFALO BAYOU RESOURCES ET AL – 1.74%
OGI MINERALS LLC – 1.40%
OTHER – 55.86%
The charts below show the monthly trends in the number of mineral deeds filed and the number of tracts acquired within those deeds. Please note that the number of tracts is not equivalent to acreage.
WHERE
It’s no surprise that the majority of mineral transactions took place in the Anadarko Basin and the Arkoma region in the eastern part of the state.
- This chart is based on the number of tracts recorded.
When filtering to the top 10 Grantees by consideration, most transactions are concentrated in the SCOOP and STACK regions, which appear to continue to command higher dollar-per-acre prices. However, areas like Custer, Ellis, and Roger Mills are beginning to show significant activity and gaining momentum.
When overlaying the 2024 spud data, it’s evident that the mineral buyers investing the most capital are strategically positioning themselves ahead of the drill bit. Even in Western Oklahoma, the spud activity aligns closely with the areas where mineral transactions occurred
CLOSING
What does all this mean? While buying activity may not be as robust as in years past, Oklahoma’s mineral market remains strong. The growing excitement around the Western Anadarko Basin is drawing more attention to the state and attracting new investments. Looking ahead, it wouldn’t be surprising if our 2025 review highlights the western part of the state as a hub of activity, possibly with new players leading the way.
As I write this, natural gas prices are at $3.84, and if they continue to rise, additional areas of Oklahoma could become more attractive for investment, potentially bringing more capital into the state.
That said, we don’t get too caught up in predicting the future. At Convey640, we focus on the day-to-day, ensuring our users have access to the best and most timely data available, trusting that everything else will fall into place.
DATA POWERED BY CONVEY640
If you are active in Oklahoma or considering investments in Oklahoma, we strongly encourage you to explore the Convey640 platform. Our comprehensive platform spans A&D, Regulatory, Drilling, and Production data, trusted by many leading companies in the industry. Discover the value others have found in Convey640 with a free 7-day trial or schedule a personalized demo.
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