I'm glad to see a forum was formed specific to Lavaca County. I have property located right out side Halletsville on the Yoakum highway (77). This past September I agreed to an 80 day option lease. My understanding of this aggreement was that the exploration group would use this 80 days to explore my property and come back with a plan to proceed. I own all the mineral rights, the agreed leasing term was $1,525/net mineral acre, with a 23% royalty. To date I have not heard anything from anyone. I've heard of so much activity in our area so it is puzzling why they have not come back to me.
Depending on how large a tract your property is and it's configuration you should be able to obtain a satisfactory lease of your place. It looks like the 'option' folks were taking the option on your place in hopes they could sell your lease at a profit to someone else within the 80 days. This is not uncommon in the industry, but often is not to the benefit of the landowner.
Mr. Bruchez is right on. On a related topic, it is now becoming much more fashionable to take advantage of mineral owners by misusing the Seismic Option Agreement.
Ernest V. Bruchez said:
...It looks like the 'option' folks were taking the option on your place in hopes they could sell your lease at a profit to someone else within the 80 days. This is not uncommon in the industry, but often is not to the benefit of the landowner...