I own the minerals and surface land in Lincoln County at 20-16-5. I recently received a permit request from Goldstar land Services on behalf of White Star Petroleum for a 3D survey. If I'm reading it correctly, they are offering 10.00/acre as payment. What does this really mean to me ? Surely, they are surveying more in the county that just my land. I do not see a beginning or ending date, so I guess it just goes on forever.
Anyway, any thoughts or advice would be appreciated.
Thank You,
Barry
Barry:
Not much going on here, so I thought I would put my two cents worth here. I am in Texas and if you are in Oklahoma, I'm sure things are different there than here. Obviously things are much different today than they were 2 years ago; but, IMO, what that means to you is that the Geo Physical company will pay you $10 for each acre. That could mean lots of things; but, my experience is that they are offering to give you $10 for each surface acre they cross. Normally that is every acre in the block of of land on a specific deed or the property you own. Not sure about Oklahoma, but 3-4 years ago, the Seismic companies coming into our area were making an initial offer of $20/acre and settling for $30/acre on larger blocks. What ever the case, there is much more to this than the few dollars they are offering to do their thing on your property. I'm sure you already know this but, expert help developing or coming up with a plan and limitations is extremely important to most of us and IMO, definitely worth looking into.
If you just have an acre or 10 acres, I wouldn't enter a contract for $10-$100.
As a practical matter I would recommend not entering any contract that wouldn't pay enough to have a lawyer look at it as I will guarantee you that they had a lawyer make their contract as favorable to them as possible.
If you only have an acre or 10 acres, they are going to know what is under you anyway if they shoot under your neighbors, they can't help it, so you aren't losing out on improving your chance for getting a well.