Questions for Skip Peel and Les B.

Skip,

I have followed your posts through this website since I have land in Caddo Parrish.  I am hoping you can give me some advice.  I also have land in Walker County located in southeast Texas.  I was contacted by a landman yesterday wanting to lease my property there for $50 acre and 1/6 royalty on a 3 year lease with a 2 year option.  Obviously, this is not anything like what is being offered by oil companies in Louisiana, but my dad leased this property 20 years ago for $100 so I am thinking $50 is not appropriate.  Today the same landman came back and offered no bonus on a one year lease with 1/5 royalty.  I know you are probably not familiar with the area, but can you give me any advice.

 

Thanks!

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Permalink Reply by Mary Wood on February 10, 2010 at 17:00
I am going to find a O&G lawyer close to Huntsville so he/she may be familiar with what is going on in the area. I spoke with a LA atty today who is helping with another matter and he agreed I should try to find a knowledgable one in Texas that would be familiar with Texas law. He suggested many of the lease provisions that have been discussed here earlier in the blog. He told me I should be charged an hourly rate. I think it will be well worth the money.

Thanks!

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