A: You should talk with an oil and gas attorney who is familiar with mineral transactions. Most mineral buyers are reputable, but not all. The easiest way to determine the value is to have several mineral buyers quote a price. Determining what you own can sometimes be difficult and expensive. If you have an old check stub or division order from production proceeds, it may give you an idea of how many mineral acres you own. Prior to purchase, a mineral buyer will do a title check. Unless the minerals are very valuable, sellers typically have to rely upon the buyer's record check. As I said, most buyers are reputable. A knowledgeable attorney can direct you to reputable buyers. You should be aware that mineral values can fluctuate quickly and dramatically both up and down depending on the activity in the area. It is also not uncommon for here to be a big variance in what mineral buyers will offer. Best of Luck!
A: Unless the interest is held in a trust, corporation, LLC, or other entity requiring both of their signatures, your wife can sign the lease for her interest without her sister's signature. If her sister doesn't sign, the oil company can force pool the sister's interest in a force pooling proceeding before the Oklahoma Corporation Commission. Sign the lease, take the bonus money and let the oil company worry about getting the sister's interest under lease.