a rep from Antero Resources wants me and my brother to sign an "option to lease". My brother has been paying taxes on some land in Doddridge county for 20 years, since our grandmother died. We have rights to it, but Antero wants to pursue the title search, etc. in exchange for an option to lease. Any advice? please? thanks - Tom
Tom< I have signed several leases with Antero Resources, so far the offers have been fare ( comparing other offers from other companies), the bonus checks have been on time, and the Landman has appeared to be sincere about drilling SOON. The leases have taken place within the last few months and have been negotiated. It's very difficult to find out if these leases have been permitted as the process is very slow coming out of WVGES O & G record reporting system, I know they are very busy "BUT".
Arnold
We, too, were approaced about an OPTION TO LEASE agreement in Doddridge West Virginia. How much money should we be compensated with during the time of the option while the oil/gas company is running a title search? If they want to option the rights, shouldn't we be compensated during the option term? What is usually offered? Thanks.
If the option term is short you probably won't be offered monetary compensation. Delay rentals and/or bonus payments will accompany the lease if you make a deal.
Remember this is an OPTION to lease. Not a lease. I would limit the Option to shortest a period of time as possiable while they do their discovery process. This option would tie your hands if another leasing company comes in and wants to lease the property. Put them to their limits of time, say, 3 months. If after the agreed period of time expires you are free to lease to whomever. But it is $$ for an option, this not saying they will lease for certain.