Hello, I am new to this forum. My husband has recently found out a member of the family has been approach with a possible Gas Lease on the family land in Bradford County, PA. .
This would be great news but unfortunately there is division and mis-trust among the heirs. The division amongst the heirs is not new, the new concern is that negotiations may have taken place already and the information that has been shared-- through an attorney; is put together and released only in the best interest of there client.
From what I have been reading, this could possibly be a life changing opportunity for my husband and We don’t no where to start! Any and all advice would be appreciated.
Just to begin here are a couple of questions:
How do we find out if there is a pending lease?
My husband actually has the controlling interest, do we forget about what might have been done and find our own deal?
Do I need a Landman, Broker, Gas lease Attorney or all of the above?
What is the going rate for a signing bonus?
… What should I hope for in dividends?
I would appreciate contact names and numbers for professional that might be helpful.
I'm not an expert on heirship and how it relates to leasing in PA, but I believe that your husband is free to negotiate his own deal. Partial interests can be leased separately. Practically speaking, the operator will want the vast majority of the owners signed up before doing anything substantial.
If you can quickly gain a lot of information through the internet and various sources, you could negotiate your own deal. Before you're done, you should consult with an attorney to make sure that the document says what you think it does.If you really don't know where to start, just read everything on the subject in this forum. Read everything on the RBN energy blog. Read everything on the PA extension website.
The DEP/DCNR website gives access to well locations, permits, production, etc.
Find out the status of the surrounding parcels and location of any wells (both the tophole and the wellbore path).
Thanks Ruby, I will look into the sites you mentioned. If anyone else has thoughts or suggestions, please let me know your in sight could be very “valuable”. Pun intended
ruby_99 said:
I’m not an expert on heirship and how it relates to leasing in PA, but I believe that your husband is free to negotiate his own deal. Partial interests can be leased separately. Practically speaking, the operator will want the vast majority of the owners signed up before doing anything substantial.
If you can quickly gain a lot of information through the internet and various sources, you could negotiate your own deal. Before you’re done, you should consult with an attorney to make sure that the document says what you think it does.If you really don’t know where to start, just read everything on the subject in this forum. Read everything on the RBN energy blog. Read everything on the PA extension website.
The DEP/DCNR website gives access to well locations, permits, production, etc.
Find out the status of the surrounding parcels and location of any wells (both the tophole and the wellbore path).
I'm not licensed to practice law in PA, just WV, so I can't give you legal advice. But I can give you some basic common-sense advice. First, make sure you run your agreements by a lawyer who does oil and gas. It's too complicated an area for someone to just dabble in. Second, you can negotiate nearly everything, and the landman is used to wheeling and dealing, so he/she won't get offended if you ask for concessions. Third, find out who the other parties are dealing with. That oil and gas company is more likely to be very interested in your property than others. There's no public record of pending leases, so you'll have to ask neighbors/family. Once there is a lease signed, it will be recorded at the courthouse. Fourth, do lots of research. Once you get a lease in hand, search the internet for the words in each paragraph heading. That will help you better understand what you are getting into. Fifth, take your time. The company will try to hurry you, but if they're really interested in your property, they'll give you a few more days or weeks to look something over.
Just waite and see.....If its a popular play, prices raises......if not the prices will go away....in either case be patience......checkout: http://oilfieldservices.org/ they might help