I would like to ask for some advice. I have 50% ownership in 120 acres of mineral rights Section 5 Township 5N Range 8E and a guy from United Land Company called wanting to lease the rights for $200/acre with 3/16th royalty for 3 years with an option for 2 more years. He has since went up to $250 an acre. Does anyone know if this is the going rate for that area of the county or if its a low ball offer? Any advice is much appreciated since I have never dealt with this. My grandmother owned them and never told me and I had no idea until this gentlemen called. She passed 8 years ago so this is a big suprise to me. Thank you
If you own 60 net mineral acres you should contact an oil and gas attorney, for instance Harold Heath is very knowledgable to get the proper lease form and terms. Alternatively and in the very least consult with a landman that is not working this area. You want to protect your deep rights and do other things as well. You definately need some professional direction.