Replies to This Discussion

Permalink Reply by Mint Julep on October 1, 2008 at 3:57

I have heard of offers of 5000 per acre in Joaquin area from Chesapeake in the past month, including the past week. 3 year lease with 2 year option to extend.

Permalink Reply by Lee Davis on October 13, 2008 at 16:39

I live out of state and have received an offer of approx. $4500. for about thirteen acres of land that we own the mineral rights to, 16 miles south of Center, Texas in Pat Rone(?). Southwestern energy wants to lease it for three years and give us 20%. Anyone dealing with them? Is this way too low?

Permalink Reply by intrepid on October 14, 2008 at 6:21

Their first offer is always too low. Everything is negotitable.

Permalink Reply by paige linn on October 14, 2008 at 12:30

Lee,
Are your mineral rights in Shelby County or San Augustine County? Do you know the survey name?

Permalink Reply by Lee Davis on October 14, 2008 at 13:27

Miss Paige,
They are in Shelby county. 16 miles south of Center in Pat Rone. I have decided to come down to Texas to see the property myself. I think this is best. Can't do this from two states away.

Permalink Reply by Terry on October 13, 2008 at 17:27

We have property in Shelbyville and received offer of $500 per acre signing bonus and 20% commissions from St Mary. Have gotten better verbal offers from others....

Permalink Reply by Lee Davis on October 14, 2008 at 1:52

Terry,
It looks as though we may need to ask for 25% as opposed to the 20% offered. Is an attorney necessary in all cases where there is an oil lease?

Permalink Reply by Terry on October 14, 2008 at 5:45

Lee, I would at least have a mineral rights attorney give the contract a once-over. For example, an amendment to our agreement states that the drilling company can automatically extend the lease for another two years, for little compensation. Who's to say that when our current lease expires we want to automatically renew? We want the extension to be agreed by both sides based on conditions at that time.

Good fortune,
Terry

Permalink Reply by Lee Davis on October 14, 2008 at 13:29

Terry,
A mineral rights attorney is difficult to find in Tennessee-one that understands oil leases, that is. I have called plenty with the same last thought-get one in Texas.

Permalink Reply by Lee Davis on October 21, 2008 at 5:30

Terry,

We are in A-585. I see that there have been a few leases last week in that area. We have not signed anything yet, as we are rewording our document. Who is a good attorney in your area for me to call/hire? Is anyone out there in A-585? We are near the Pat Rone Grocery (Pat Rone South) on one side of a creek separating us from survey A-690, Saunders survey.

Dazed and Confused,
Lee

Permalink Reply by Terry on October 21, 2008 at 8:35

Lee, I wish I could be more help, but I do not live close to that area, so I'm as dazed and confused as the next guy. I can tell you that when we took a day trip out there, we met some nice people who remembered our relatives who have since passed away. They mentioned a good, honest attorney in the area named Don? Wheeler. Hopefully that will give you enough to go on.

Best Regards,
Terry

Permalink Reply by Lee Davis on October 21, 2008 at 12:59

Did anyone see that Petrohawk supposedly hit gas today? We are talking to them as well. NYSE is 16.50...up over a point. Their stocks seem a bit like a roller coaster. I will look Mr. Wheeler up, in Center or Shelbyville?

Thanks Terry, will keep you posted.

Lee

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