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I have mineral rights in Uintah County, Utah, 69.69 gross acres, 13.98 net acres, Township 2 South, Range 2 East.
The lease is now up for renewal. It is a 5-year paid-up lease plus a two-year option with a 1/6th royalty. The oil company is using a different land services company than before. The amount I'm being offered per acre is more than the previous lease at $400.00 per acre. However, I have no clue whether the offer is reasonable for the area and so I don't know if i should negotiate for more or for how much. If so, what are the resources for finding this out? Also, this lease is more complex than the previous one. Is it the land man's responsibility to interpret this for me or should I find a lawyer (I live in the metro Denver area) who specializes in this area to look at the lease for me? Any ideas are appreciated.