Ascent started at $4000, 18%. I came back at $7000, 25%. We settled at $5700, 20%. Others involved got less, I know…others got more I assume. 12 ppl involved, landman said, but not who. I’m aware of 4 names. I was only one who researched and negotiated. The others benefited. It’s on the back burner of my life now. My holdout bro is very ill as of Friday. So life switched my priorities. These mineral royalties are not one of them at this point in time. I do wonder what happens to his share if/when he passes tho…
So sorry to hear about your brother. If he passes, then his will will hopefully state who they go to. If he has no will, then the intestate rules of Ohio will determine the title.
Thank you for your kind words. No will, he’s in Illinois. Mineral rights in Ohio. I can’t help him do anything to help himself. Frustrating…
Coro, in this day and age of electronics, encourage him to prepare a simple will, at least, and email or text a notarized copy. If he’s in a facility they will help him get a copy to fill out. Still good to have a copy even if you’re not his heir. You can help guide whoever is with the knowledge you’ve obtained so far. And yes OHIO law applies if no will. Depending on the number of acres and yours/his overall financial position, a trust may be a consideration as a next step. Talk to a legal advisor ( some are free of charge ) and mention TOD and POD for all of your assets. Getting a little beyond the scope now…
Lastly, did you obtain a GROSS royalties clause, Market Enhancement or no addendum at all ???
No gross royalty clause. I don’t know what that is. He has yet to sign Ascent lease! I’ve tried everything. He has issues…his brain won’t allow him to help himself, sign paper work, get a lung scan, mass is there. He was forced to go to emergency room by his boss. He doesn’t want me to drive down and help him. He won’t open emails. No cell phone, no answering machine. I’m the next of kin, then a half sister we don’t know. No parents, spouse or children. So Ohio law determines how his acreage is divided? He is part of 49.7 acres in Wheeling township, Belmont County. I’m at a loss, but will be the one to take care of everything will, trust or not. He has assets, I told him how important it is to get his affairs in order, but I tried for 7 months to get him to sign lease with Ascent. Now he lost out on sign on bonus. Geez, can’t even lead this horse to water let alone help him drink…
Sorry to hear how dire his condition is. OHIO law on acreage, and state he resides in for probate ( county). Don’t lose sleep over the Bonus. But DO get legal advice before signing for his interest eventually. The lease body/ with a proper addendum WAY more important than the bonus. And SHOULD BY ALL MEANS include a gross royalty clause to limit the deductions that can be taken from your production share. They WONT agree to this early on in my opinion, but unlike your lease, I HIGHLY recommend you hold strong until they agree.
Without the clause they CAN and WILL take anywhere from 1/3 -40% if your share.
Thank you for your kindness at this difficult time. He is refusing all treatment so there is nothing I can do. But, thanks to all you kind people on this forum, I can move forward with valid information in regards to his mineral rights. I wish I knew about that gross royalty clause 7 months ago. There is a learning curve with mineral rights and I knew enough to negotiate a better ‘deal’ but I should have added a gross royalty clause. Live and learn. I hope I haven’t injected too much personal information on this forum but I don’t have anybody else to get feedback from in regards to these mineral rights and a brother that is ill. I deeply appreciate everyone’s kind words and important info going forward. I have taken notes on all pertinent terms and actions I need to pay attention to moving forward. Again, thanks everyone. This forum has been a blessing.
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