I received an Oil, Gas and Mineral Lease and Road Use Agreement for 40 acres l own in Beauregard Parish, LA. The leases call for a 3 -year period along with other stipulations. Several family members own this land and we each got separate leases. Can anyone tell me the going rate of leases for this area? Should I speak to or have a lawyer look over the papers? And, what happens if some family members sign and others do not, or all family members are required to sign? Is the Haynesville Shale profitable right now? And, what determines the price paid per acre or do you pretty much get the best deal you can? I inherited this property and as you can see I'm pretty ignorant as to how to proceed, where to turn to for information. In addition, I do not live in Beauregard Parish; thus, I need to collect as much information as I can.
That's a lot of questions!
Based upon your last sentence, definitely get legal help.
You aren't in the Haynesville - probably the Wilcox oil window.
As far as the deal goes, if they drill it, the bonus won't be as important as the royalty rate and pooling clause(s).
I'm getting an offer next week on 120 acres and will let you know the terms.
Send me a reminder.