Top Leases
I was recently contacted about doing a Top Lease on minerals currently under lease until October 2010. The property is in Nac county. Does any one have a comment on how these work or what I need to know about them? Thanks.
Views: 98
Replies to This Discussion
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Permalink Reply by The_Baron on -
A Top lease is a OGML that only takes effect should your existing lease expire.
The key here is how you get paid. They may be willing to pay you a bonus now, and agree that its yours to keep no matter the outcome. Some will want to wait on payment untill thay know if their lease will take effect.
Otherwise, it just like any other lease.
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Permalink Reply by RBH on
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DOES YOUR CURRENT LEASE IN EFFECT UNTIL OCTOBER 2010 HAVE A 2 YEAR EXTENSION CLAUSE IN IT? ALSO, THERE ARE SEVERAL LARGE AREAS OF MUTUAL INTEREST (AMI) WHERE ONE OPERATOR HAS ALL RIGHTS TO THE HAYNESVILLE/BOSSIER AND ANOTHER OPERATOR HAS THE HAYNESVILLE-BOSSIER RIGHTS ONLY SO YOU MIGHT CONSIDER THIS IF YOUR ACRES LIE IN AN AMI LIKE THIS
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Permalink Reply by Headly on
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cccm
Yes they are. Have you been contacted or know of what they are doing?
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I have not been contacted but I feel like I may know what they are up to. Sonerra the company you leased to in 2007 has drilled some James Lime Wells within your Survey, and have assigned some stuff to EOG. Are they wanting to pay all up front or some now and more if your lease actually expires?
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Permalink Reply by Headly on
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We are now discussing bonus. They mentioned $650/acre and we declined. Apparently this is being done in conjunction withg Sonerra so don 't know what that could mean. What amount of bonus money have people been seeing? Is the James Lime a good play? Thanks again.
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alright I am back. Probably EOG wanted the deeper formations under the existing sonorra units within the area. EOG has probably also agreed to partner up with them since sonorra has title info and EOG gets deep and Sonorra gets shallow formations. Do you own all the minerals under the tract they want to lease??? $650.00 is what I have heard alot in this area. Are you local?? I have heard of up to $1000.00 in Naco County, but it appears the bigger money is being paid in S. Shelby and Northern San Augustine. you definately want a dpeth limitation in your lease.
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Permalink Reply by Headly on
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We are told that EOG and Sonorra are partering on this. We are not local unfortunately. We do own all the minerals. EOG has asked for us to tell them what we want per acre bonus. Any ideas? Thanks again.
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$650 is a good bonus.
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