When I ratify a lease, can I negotiate the royalty rate?
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If the usufruct owner died and the naked owners had not signed a lease, then the interest is unleased. You can negotiate a better deal. If there is a producing well, I would start asking for a 50% royalty.
They would probably let you go unleased. Any mineral owner can ask for a 50% royalty, how many do you know got that. If the well has produced enought to pay for itself they make a better deal.
If a lease expired in such a situation...and the well was already paid for..how would that effect the money the now newly unleased owner would receive?
It would depend on who the operator is. They would be the same as any other UMI and you know how that goes.
Bet it would open a can of legal worms...I mean the acreage "was" leased..and then it wasn't...
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