Oil & gas discussion group for those interested in Marion County, WV. Share your experience regarding lease bonus, royalty rates, drilling activity, and oil & gas news.
families own mineral rights on 5 sites a total of 380 acres-some areas over 100 years- $5.00 per acre- terra services is wanting us to renew rights @ this same price-is any one trying to pool leases to achieve a better rate- Use the private messaging system to contact me
i was recently contacted about inheirting oil and gas rights in Marion county a landman from EQT. canany one help me out with what is acceptable for the signing bonus and royality payments??
I'm doing some research on behalf of a friend who has been approached by Chesapeake re leasing. Can anyone recommend someone who could negotiate terms?
@ Debbie - what you can get for bonus and royalty is going to depend on how much mineral interest you own. I have a recent client with roughly 25 acres of mineral interest plus a surface tract that the developer wants to use for impoundment pits. They're likely to get somewhere between $2000 and $3000 per acre bonus, (negotiations ongoing), and the original offer on the royalty was 15%.
@ M Williams - I'm an attorney, and worked as a landman for four years before going full time as an attorney. I can help. Send me a private message if you're interested. If you decide to go it alone, make sure you get an Indemnification clause, a No Warranty of Title clause (if CHK approached your friend), and a Pugh Clause if you can. I make other recommendations based on individual circumstances.
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I have mineral and landownership of 13.25 acres in the town of Lincoln, Marion county, WV. I have received a Paid Up Oil & Gas Lease offer from XTO-Exxon/Mobil for mineral rights offering 12.5 % royalty and a bonus consideration of $100 per acre. The primary lease term is for 5 years with a 3 year option Can someone advise me on current rates? Also this is a new lease offer and project name is Four States 1H unit.
Thanks,
Richard Knight
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I just got my offer from XTO-Exxon offering $100 TOTAL bonus on 8.49 acres with mineral rights owned by approximately 10 cousins and 12.50 % on Royalty, and if I'm following the legalize in the contract, looks like we also pay 12.5% of our royalties for "post production costs" and up to anther 12.5% for ad valorem taxes by state, city, federal etc. Is basically 25% of royalties common for "costs"....thus far looks like the Parrish clan is paying for the priviledge of getting the oil or gas out of the land where we have mineral rights.
Another question I have is about the XTO-Exxon people.
Have the various oil and gas people divided up the state and only one company is going to make an offer or will there be other offers from other companies. If this is the only company in the area, looks like a monopoly.
After having been approached for a lease and getting a very different ownership percentage from what we had previously does anyone know of an independent mineral deed researcher?
how do i become a member of this group we own in fairview wv
could anyone point me to an honest company that might be willing to do leasing in the fairview area.
The saying goes:
"How do you know if you're being cheated in the oil and gas industry?"
"You are."
In other words, the best you can hope for is a company that will actually drill on your property and pay you royalties.
That said, I know that EQT (I don't recommend working with them), XTO, and a few others are working up in that area. It's not exactly hot, but if you have property on the western end of the county, you should be able to find a company that wants your property.
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DM, I don't like working with EQT because they are nearly impossible to get gross proceeds from, and everyone I talk to who has dealings with them doesn't like them.
It looks like the most active companies up in Marion County right now are EQT, XTO, Consol, and Trans Energy.
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Has anyone had interactions with Relique Land Management in Morgantown regarding the leasing of oil rights?