I'm new to this. Received a letter in the mail from Pioneer Natural Resources. Stating... They will pay us One-Fifth of the Royalty on our mineral rights. Does anyone know if this is the going rate? Or is there another company I can contact that may pay more? I would appreciate if anyone can help. As we live out of state and don't know anything about oil.
Hello Wanda, my family just signed a lease with pioneer for mineral rights in Wise County. We had a local attorney review the lease. We received $900 per acre as bonus and 1/5 royalty which the attny stated was good. There were a few things we changed. We had them change the compensation to at “the well head” which means that we get paid prior to them taking expenses. We also only agreed to the three years with no option for the additional two. This way we can re-negotiate then.
Hope this helps. We may be talking about the same property as there are several more people that are involved with our lease.
Leigh Fortuna, Miami, FL
Thank you so much for your help. I will pass this on to the rest of the family.
Wanda
Wanda, have you wrapped this matter up already?