First time lease holder
Hoping for some advise here. My Mother passed away several years ago in Shreveport and we have just been notified that she kept mineral rights to property that the City of Shreveport bought for the Airport Authority. It is a very small piece of property and we don't expect to get much from it in royalties but I want to make sure that before we sign any contract, are there some things we need to look out for. I do not want any kind of liability nor any incurred expenses. What should we ask for the bonus payment and what percentage for royalties? I don't know yet who will actually be doing the drilling but that is definitely on my list of questions. This is the Haynesville Shale. Any advise would really be appreciated. Thank you.
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Replies to This Discussion
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Permalink Reply by Skip Peel - Mineral Consultant on -
Janet, I suggest that you see an experienced O&G attorney for advice. The first question would be, do you own the mineral rights? In Louisiana, when surface is sold and the mineral rights reserved, that right is a mineral servitude that is effective for ten years. At the end of ten years, if there has been not attempt to drill a well, the mineral right would revert to the surface owner. After answering that question, it becomes a question of fair market value for the lease terms. An attorney who has dealt with many Haynesville O&G leases will have an idea of what lease terms are reasonable and what special terms you may wish to include based on your particular circumstance. I can refer you to my O&G attorneys if you like. Good luck.
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Permalink Reply by Janet Stanley on
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Skip, that would be awesome! I googled attorneys in Shreveport and saw a few with this experience but haven't contacted anyone yet. Thank you so much.
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Permalink Reply by Skip Peel - Mineral Consultant on
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You're welcome, Janet. I recommend Grant Summers at Davidson Summers APLC in Shreveport. I've worked with all the attorneys in the firm at one time or another and all of them are capable of the assitance you need. The firm's number is 318-424-4342 and Grant's email is gsummers@davidsonsummers.com.
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