I have 16.91 mineral acres in section 12-12N-11W that was leased by Long Petroleum 2014 for 3 years & no renewal option. Since this lease has expired, I have not been approached by anyone to lease my mineral acres. If not approached by a landman to lease will BRIX Operating offer me a lease? I don't want to go the UMO route.
I have not dealt with Brix before, but there is a good chance you may be forced into UMO due to the size of your track. I would try to get a lease out of them just to avoid the UMO route.
The permit date is 4/17/19 and it is a twelve month permit. So, I doubt Brix will be drilling anytime soon. There is sufficient time to explore a lease but I would wait and let Brix come to you. Once you see their terms, you can better decide whether you are willing to lease. IMO, a lease is always preferable to UMI status but there are a lot of ridiculous lease offers being made currently for Haynesville rights. GEP Haynesville for example is notorious for offering $250/acre bonus and a 3/16th. royalty. I consider that a fishing expedition looking for those who are uninformed. I suspect you will hear from Brix over the next few months and think should be prepared to counter their opening offer. Keep in mind that the bonus is the least important term for minerals that have proven Haynesville reserves. 17 acres is more than enough to be worth hiring the services of an experienced O&G attorney.
Skip, thanks for the info, my sister has the same amount of acres that I do. We will use an attorney, in the past we used Lake Hearne Jr. with Davidson & Summers for leases in other sections.
Very good. Lake is a very capable O&G attorney.
Brix currently has only a handful of permits that have not been drilled and they have a rig currently drilling in 33/12N/12W. I would be at your attorneys office tomorrow before that rig moves over to your section. Just saying.