My family purchased a ranch in the 60's and as part of the deed the owner did not reserve or retain any portion of the mineral rights, which prima facie evidence of a check being received from a couple of wells for like 1/32d interest on properties that are not on our land.
What I would like to do is to bring the lease up to date with the latest in common, statutory and RRC administrative law rulings and update the royalty payment from 1/8 to at least .225% and include provisions for a bonus royalty in the primary term and at the beginning of the secondary term should there be producing quantity above (?).
The question is how hard will it be to update this lease, and how long of an effort should I be prepared for and how much should I be prepared to pay in lawyer's fees?
Thanks in advance.
Oh, and in answer to questions that some already may have...yes...we have documented proof of the lessee not living up to their end of the bargain as stated in about two major provisions of the existing lease.