Claiborne Parish lease offer

Hello,

My sister, two aunts, and I own 80 acres of undivided property in Claiborne Parish:

Section 3, Township 22 North Range 8 West, Northeast Quarter of the Northwest Quarter and

Section 34 Township 23 North, Range 8 West, Southeast Quarter of the Southwest Quarter.

We have received an offer for $300 per net mineral acre, a 1/5 royalty, and a 4-year paid up term.

I am not sure if this is the going offer. Can anyone advise us about this and also can anyone recommend a good lawyer who would look over the lease for a reasonable fee. None of us live in Louisiana any more.

Thank you,

Sandra

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Replies to This Discussion

Permalink Reply by Little Red on May 11, 2013 at 1:20

Last year I leased acreage in 22N, 7W for $400/acre bonus, 25% royalty to top of Smackover; 20% below. Term is 3 years basic; 3 years option.

Permalink Reply by sandra on May 11, 2013 at 15:05

Thank you very much for the information. Really appreciate it...this should help me.

Permalink Reply by Aubrey C. Sanders, Jr. on May 12, 2013 at 6:07

Sandra,

I think you should get terms equivalent to terms which Little Red got.

Permalink Reply by sandra on May 12, 2013 at 6:56

I sincerely appreciate your reply and your information. I value the opinions of everyone here. My father was very knowledgeable about everything to do with land and leases, etc., and I am totally unaware. My father would be happy to know that you are helping me to make an informed decision. Do you know of another O&G attorney other than the one already recommended by Skip Peel (Randy Davidson, Davidson, Jones, & Summers)? I need to do something tomorrow and would like to have the name of more than one attorney if possible. I also need an estate attorney in Louisiana attorney to get my Louisiana assets into my trust. Thank you, again. Sandra

Permalink Reply by Little Red on May 12, 2013 at 8:01

I researched several oil and gas attorneys in Shreveport.  Ultimately, I engaged Randy Davidson of Davidson, Jones and Summers.

For estate issues, I recommend James R. Hatch in Homer.

James R. Hatch, Attorney

Hatch & Smith - P.O. Box 329 - Homer, Louisiana 71040

(318) 927-6112

 

 

Permalink Reply by sandra on May 12, 2013 at 10:00

I really appreciate your sharing the attorneys you use. I will check out both of them this week. Thanks again. Sandra

Permalink Reply by Aubrey C. Sanders, Jr. on May 12, 2013 at 6:06

Little Red,

Can you share with us who leased your land? My guess is Whiting, or their agents [Miller Land Resources].

Permalink Reply by Little Red on May 12, 2013 at 7:53

Miller Land Resources was the leasing agent.  I assume that they were acting on behalf of Whiting Petroleum, but I do not know that for sure.  They would not disclose the lessee.

Permalink Reply by Aubrey C. Sanders, Jr. on May 12, 2013 at 8:05

I am almost 100% sure it is Whiting. I really like that Company. Perhaps biased because I bought stock in Co. several years ago because of their results in Bakken Shale.

Permalink Reply by sandra on May 12, 2013 at 10:02

Does anyone know anything about Marlin Exploration LLC? Thanks. Sandra

Permalink Reply by Mick Ray on May 14, 2013 at 16:35
Did they drill on you little red???
Permalink Reply by Little Red on May 14, 2013 at 17:11

Not yet.

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