Hey all, I was recently informed me, my 3 sisters and mother have inherited my fathers (deceased) great grand parents mineral rights in Carlsbad, NM. It is for section 1, Township 22 South, Range 26 East and approximately 0.8730 acres. We were sent a 5yr contract for leasing the mineral rights to Permian Resources and I have no idea what that means or what i would be signing. The contract states we (the great grand children) are entitled to 3/16th royalties. Any help sorting this out would be greatly appreciated.
This is a very broad question. The first I would suggest is to find some articles on what an oil and gas lease covers and how it works. After you have the very basics, you might want to consult with an experienced landman about the terms. Unfortunately, the small amount of acreage may not justify consulting an oil & gas lawyer.