i have never negotiated a lease in IL and it seems awfully low…description: the south half of the northwest quarter of section 3,township 7 south, range 9 east, except the east half of the southeast quarter of the northwest quarter, containing 60.00 acres, more or less - Herald’s Prairie. primar lease 3 yrs and 3 yrs extension. 1/8th royalty
I do not have acreage in Illinois, but in general, I would never do an extension as that is too long of a time frame. I also would ask what the 3/16ths and higher royalties would offer. Maybe some Illinois folks can pipe in.
thanks for your help and maybe some Illinois folks will pipe in.
Walter originally from Illinois near St. Louis. My rights are in Marion County Illinois. Usually I get low lease amounts. They see if they get you to take it. I’ve seen it where if you are not there they may still be trying to drill but I will NOT know it. Owners have to wise-up. [email protected] (University of Illinois)
That’s supposed to be can’t imagine. Also I am new to all this so please forgive my lack of knowledge.
@Walter_Roper Do you mean they trespass and drill on your ground anyways with you saying no?Man I would think the ramifications for the company would be astronomical. I know some of what happens with loggers and even deer hunters can be costly. I can imagine for a company that has drilled a well.
Mineral ownership is dominant over surface ownership. If you own both the entire minerals and surface, then you can have more influence by not leasing. If you have surface and no minerals, then the minerals dominate-although there are rules about how close they can drill to buildings. Depends upon the state as to what other rules are in effect.
Each state with oil and gas drilling has an oil and gas commission, department of natural resources or something similar. You can look up any pending permits. It is a mineral owner’s responsibility to stay informed. Here is the link to the Illinois department of natural resources.
https://www.dnr.illinois.gov/OilandGas/Pages/default.aspx
This topic was automatically closed after 90 days. New replies are no longer allowed.