Acreage divided amongst = same lease terms?
am wondering about a chunk of property that is owned by physically owned by 1 person, but the mineral rights are divided 50% to the physical landowner, and 50% to the heirs. The landman who is calling us heirs and making us all the same offer, has lead one of us to believe that he promised that we would all have to settle with the same offer. That one of us could not settle for more then the others. This excludes the property owner, as he owns more acreage then the rest of us. I'm wondering if anyone can verify if this is true or not. I was under the understanding that we could each do as we wished. At this point in time we are all not settling and continueing our research- except one. One called me yesterday and said he told the landman to send him the original lease papers as offered. Did this just make a mess for everyone else involved? I think I need answer ASAP, please and thank you in advance!
Tags: inheritance, lease
Views: 36
Replies to This Discussion
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Permalink Reply by Buddy on
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If you have an undivided interest in the minerals and they are under your control and management, they are yours to do with as you wish. You do not have to lease to the same company under the same terms and conditions as the other co-owners. You can lease to anyone for whatever you agree to. But you also need to know that the oil and gas companies do not necessarily like "fractured" interests or "busted" plays where there are numerous owners who have leased to various companies.
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Permalink Reply by Charmine on
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Thank you Buddy...what do you mean by, "But you also need to know that the oil and gas companies do not necessarily like "fractured" interests or "busted" plays where there are numerous owners who have leased to various companies." Does this mean that it more difficult to put into a "unit"? That would make sense particularly if there were various different o/g companies involved. At this point there is only Chesapeake involved. I believe the physical property owner has been contacted by someone different as well and I am assuming that is because his share would be 41.76 acres, and also he was much easier to track down then we were. I would like to hear an offer from another company, but we were hard to find the first time around and as an individual- it sounds like my small 4+ acres isn't impressive enough yet to do the work to hunt me down.
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It can be a burden for the oil and gas companies when there are so many different players in one unit. Someone has to bring it all together, as the operator, and gain approval for drilling, etc. Just several more steps involved and I would think that they, the oil companies, would first go to areas where there are less problems. But, in a "hot" area, this will be largely negated. Good luck!!!
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