Owning mineral rights, We recently leased land in this area, but have heard nothing. How long generally does it take before we wll be filthy rich,incredibly rich, modestly rich, OR
receive mre than $5.00 for our troubles?
I'll give you $5.00 for it.
I have assisted individuals with oil and gas leases in Converse County for about 15 years and from our experience - you just don't know. The key is to keep the company leases short - 2 to 4 years and squeeze them on sign-up bonuses. And, in your lease, be tough about what constitutes "drilling activity" under the terms of the lease. I know of one property that I assist with that has been leased for 14 years now, each time it comes up for renewal I negotiate a higher royalty rate and signing bonus, but still no drilling. In my opinion, the companies play an ownership game and the sign-on bonuses are for the most part meaningless to them. Converse is also still in the midst of building more inrastructure to handle the gas and oil. My guess is, that drilling and production will skyrocket in four plus years. You may have a better idea if you study and map out recently completed wells in your area. It takes some work, but you can compile the data from the oil and gas commission website.
Hope this helps.