Always wise to invest in getting an attorney to read any lease before you sign. Most draft leases I have seen are mostly in the operator’s favor and not good for the mineral owner. They need negotiation especially regarding post production charges.
Also, NEVER hand over a signed lease without getting paid the same day. You can sign the lease, make a copy and then mark in bold marker COPY_DO NOT FILE on every page (especially over the signature) and send as a good faith response by email. Have a third party such as accountant or attorney hold the lease until payment has cleared the bank and then send by overnight mail. I will not deal with an agent that will not abide by that arrangement as I do not want a lease filed without being paid upfront. I put a time deadline on the holding time frame or the lease is returned to me for destroying.
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Great idea! We did get an attorney last time. Dont remember how we held the land company feet to the fire, but must have. We did get paid the agreed price.
I don’t own rights myself but have to handle them for my mom. I just signed a lease with Wingman. They said they were going to pay more than they did and claimed it is because my mom has less net acres than they originally thought. The lease says she has 139 acres but does not specify if it is gross or net. Did I screw this up? Help!
If you were looking at an old lease for numbers, they usually list the gross acres. Ask the agent for a copy of the paragraph from their title opinion that states the net acres. I hope you got paid the same day as turning over the lease. If you did not, then stay watchful for the time line they gave you.
Thank you. I did at least get the check.
If you got the check, then the stub may have the net acres on it. Save that stub for IRS purposes. If it is does not, then take the total and divide by the amount of “per acre” price they quoted. For example, if they were offering $500/ac and the check was $2000, then you have four net acres.
Have you received another offer since March? Most operators lease through other entities. 9 times out of 10 you can get a better offer from a non-operating company. Whomever takes the lease means little on a well being drilled.
No leases have been filed in section 6 so far, but Pointer has filed eight leases in section 11.
Hello,
I am the landman putting together cursory ORs for your area. Lots in 3S-1E. I dont know who the operator is either, but they sure are leasing a ton of sections.
Guessing yall havent filed them yet? Only about 10 OGL’s filed since April in 3S-1E
A family member received a phone inquiry and potentialoffer on the phone. They told them to send documents. No papers yet and that was 10 days or so ago. It was a company out of Ardmore. There are several of us in the 117 acres of undivided minerals. That will take some work to dig us out.
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