Not sure if did my first post correctly, couldn’t find it, so I’m sorry if this is a repeat: Need advice, this is new territory for us, so any advice or comments are greatly appreciated. We received a call from a company wanting to lease mineral rights that we didn’t realize my wife had. Seems that this goes back generations ago, and my wife is one of maybe 10 relatives that are co-owners of a 164 acre tract in Lea County NM. Township 25S, Section 10, Range 36E. The attorney that called said she owns an undivided interest. Supposedly the other family members had already been contacted, and they had negotiated a lease for $1000 per acre with 20% royalty. We are supposed to receive the contract today or tomorrow. Is this a fair offer? We really don’t know what to expect. Thank you!!
Make sure it is not lease mineral royalties? Happened to my Grandmother!
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If everybody else said yes it makes it tougher to negotiate. I usually ask for 150% of their offer and more royalty interest. They are trying to make as much money as they can and you should be too. Good luck!