Get your information first
I am amazed how few people are learning about the present status of their section(s) of land PRIOR to any negotiations. I knew nothing about mineral rts. until a few weeks ago. However I went to the Tax-Assessor's ofc. in Caddo Parish and got a list of all of the land/mineral rts. owners in my section. I called 4 or 5 of the largest owners and learned ALL of them leased earlier this yr, prior to the HS hoop-lah. Since an O & G co. can "force a well" after leasing 320 acres (half of a section) and that amount has indeed been leased in our section, we are not going to hold out for big bonus money. We need to sign now before a well is forced and we only get the hundreds per acre which was paid to the owners who leased earlier this year. That's all the O & G co.s have to pay when they have enough acreage to force a well. This could happen to you as well. It's really important to find out how much of your section has already been leased. Chesapeake has been leasing in the Blanchard area since Jan. of this year. Hope you find this helpful. I have no regrets about accepting less bonus money than some will receive. The royalties will be everything if the well strikes.
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Replies to This Discussion
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Permalink Reply by J Todd on
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No RAY, I'm not a landman. I do know several landmen, a geologist, and have several relatives who were in the oil business. So I am learning like everyone else. Much of the info any mineral rts. owner needs is available via internet or their parish tax assessor's office. I learned about the "forced well" issue from the geologist friend. Actually I'm not too worried they will try to force a well because it will take a long time for the gas co.s to do what they need before they can actually drill. I just don't want to take a chance since much of our section is already leased. I wish you well on your situation....whatever it is.
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