I’m new to the forum and new to being mineral rights owner (inherited). I’ve received an offer to lease my acres in Grady County 19-8N-7W. I’m looking at the highest royalty they offer which is $1200 an acre + 1/5th royalty. Is this a fair offer? Contemplating if it’s worth getting an attorney to negotiate. Any advice would be very much appreciated.
I always “assume” they are low balling the first offer. I would go back with 1800 and see what they say – go with the highest Royalty Fraction!!! And be sure to have the lease reviewed and your own Exhibit A added… ( VERY important) Good luck
Thanks, Bud. This is much appreciated!
Good luck and if it goes wrong!!! you can blame me. By the way-- the last offer I received they never got back after I asked for more. So my advise may not be worth much… just to let you know of what I speak…
It is always a good idea to talk to a good oil & gas attorney before deciding upon a price. I learned this lesson first hand in the Marcellus formation. An attorney was able to get me an extra $30,000 in terms if a bonus for the 1st 5 year term as well as negotiating a lease contract that made my position stronger as the lessor.
His efforts cost me $5,000 and I learned a lot in the process. I will always use an attorney in the future as long as he is able to pay fir his efforts with increased revenues.
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Is there any activity in secs 10 & 9 5 6 Grady county ok
12061948-Welcome to the forum. Please add your township and range as there are many sections with those numbers in Grady.
Apologies, section 19, township 8N, range 7w. Are there other location indicators I’m missing? Or is your response to the other comment-or?. Thank you!
It was to the new post asking about other sections.
Hi Brook,
Citizen Energy III is pooling this section for a new development. It looks like maybe a family member of yours has recently leased in July 2022 to Anevay Resources. (Brenda Bailey).
You might want to reach out to Citizen Energy III to have them verify your interest and then if you would like an offer for lease we can go from there.
Hope this helps,
RafterR
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