It has a producing well (natural gas) but we have not signed anything with the landmen nor with Anadarko. They owe us back royalty payments.
What should I expect in terms of the lease for our interest in this property. Currently the lease terms were $2000/acre and 1/4 royalty.
Also we've received a copy of a lease from Doug Ferguson - part of the family negotiated terms sometime in 2012 but we have been skeptical until having more information. I've read some other threads and it seems that it may be most appropriate to have some legal representation. The interest is small so I'm not sure of the cost for legal vs. risk/reward for signing the lease terms. Any help would be appreciated.
Bryan, if you send me an email with your contact information I would be happy to talk to you about some of your options:
Bryan,
I realize that this may be too late to be of any assistance, but just caught up with your comment. One item rang a loud Bell. Doug Ferguson was the contact for the Major Exploration Lease Extension on my family's Land in 2012. I believe he was representing Anadarko. The Old Adage that "What the Oil Companies Giveth in Large Print, They Taketh Away in the Fine Print" has value. (He seemed like a nice enough gentleman and may very well be.) However; my Dad Always Said,"Business is Business- and Love is Cow Patties."
Good Luck to You and Yours,
Anne Marie Greene Whatley