1. We are being offered $550/acre and 22.5% to lease our 40 acres just outside Belcher.
* Is anyone else getting offers in this area of North Caddo?
* Is this offer on par with others in the area?
2. We are inclined to wait for a better offer but are being told that the land around is all leased; that "failure to lease" will lead to problems for us later if drilling is productive in the surrounding properties. Is this true?
3. Can anyone recommend a good Oil and Gas attorney or tell us where we can find one?
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Permalink Reply by Real Simple on Mike Coyle; 318-254-8200
Mr. Coyle specializes in oil and gas leases. He himself is a large land owner with various leases. Most importantly he is a man of integrity.
Permalink Reply by SALI EVANS on Integrity is rare. Thank you.
Permalink Reply by Skip Peel - Mineral Consultant on 1. That's been the standard offer for all companies except AX Energy for almost two years now. Many savvy mineral owners accepted those terms although many also negotiated additional important and beneficial lease terms. Those leases were prior to commencement of development. In the last few months Anadarko has bid a quarter royalty onstate auction tracts.
2. Read UMI Basics, link follows. The only thing I would add is that UMIs don't receive a bonus and do not receive any production payments if a well does not produce enough to pay for the cost to drill it.
http://www.gohaynesvilleshale.com/UMI-Basics
3. Randy Davidson, Davidson Jones & Summers, Shreveport. Randy and the other O&G attorneys in the firm are quite familiar with this emerging play.
Permalink Reply by SALI EVANS on THANKS SKIP!!
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