What is the going rate for a bonus and royalty percent in Wetzel county?
tHE TYPICAL ROYALTY DEPENDING ON WHETHER YOU HAVE A NEW LEASE OR AN OLD ONE...OLD SAY 1/8....NEW COUD BE 18-1/4...
Bonus per acre can be about $5k inWetzel I am guessing...
Hi...I am a newbie at this...step one is do your due diligence (DD; research). This site is very helpful.
Some excellent attorneys provide feedback here (Nutall, Doddridge Co. etc.) study it. Arnold Stuart contributes and read his experience here (Doddridge)...
Attorney Nutalls comments in the archives here (say to 2012) will answer your questions above.
You have to have some experience rehearsing if your going to counter offer...not "they told me I can get more..." pretend your countering on a new car price to the salesperson (landman)...$1500 - low...15% (3/8) possibly 25% (1/4) max you might get...$500 signing bonus - seek $5000.....then WALK AWAY, you might get what you want....if its a 'take it or leave it' .. just take your time.....politely hang the phone up & say lets talk later... get a night's sleep to think it over & before you sign..:)
On the lease - do figure on an attorney unless you have the skills to do your DD and learn about them. Some keys: get No warranty of title, Indemnification and Hold Harmless....Get Gross Proceeds.....look for the Pugh clauses if applicable...
research ;contract terms for oil and gas leases' to understand the terminology....look at sample leases...youll only get one chance to get it right....don't let family pressure you if your running the lead... Back to work..
Always communicate......but you are not obliged to do anything...or to call...
Other people on this site will have good input in the next few days also...but the landman wants to hear from you asap...so give him or her a courtesy call...he'll say he is short on time...youll let him know in a few days...so you need to get busy and immerse yourself in this stuff...'strike when the iron is hot' (now)..
Look up 'pooling' - where the driller can take minerals without consent or drain yours or possibly leave you out while others get royalties....look that term up and others will describe it here much better than I. So it may be in your best interests to look for royalties now and do business.
awesome 3/8…
Ask them to define gross proceeds to you....what do you understand it to mean?
Is there a 'market enhancement' clause?
Ask them if this includes LNGs (liquid natural gas), ethane, methane, oil)...
Recommend looking up 'common contract' terms for oil & gas leasing....