HL Gaston offer letter for Bonus check $17 each to me and my four siblings. Told me on the phone that we would then receive royalty checks depending on what was found. New at this. Any suggestions or information greatly appreciated.
These are some of the questions you need answering. Are they offering to lease? What royalty are they offering? Who are they leasing for? Do each of you have your own acreage or are you all tied up together? How many acres do you have? What will be the spacing of the well? Have they sent you a lease form? What bonus per acre did he offer? When are they going to drill the well? You can lease for less than three years. Do not sign it until you understand it as it may hold your family for a long time and probably needs some negotiation. (I can help you with that.)
If you are new, please red the Mineral Help tab at the top. Do not agree to anything until you have a copy of the lease and have made the required changes to it.
Trust me, you NEVER sign any document until you have YOUR ATTORNEY - in this case an oil & gas attorney - to go over the lease.
The lease they will offer is NOT IN YOUR FAVOR, as a matter of fact they want you to sign WITHOUT having it checked out by another attorney, because IT IS ALL IN THEIR FAVOR. You would be agreeing to all sorts of charges and charge backs the means YOU WOULD BE PAYING A PORTION OF THEIR EXPENSES. Not a good thing for you or your siblings. I’m NOT an attorney, but you NEED one before you do anything else.
Good luck. How many acres, and it appears to involve your whole family? Make sure you are ALL on the same page or those of you who are trying to get the best deal might not.
There is a lot involved, but none of it is that difficult to understand what is going to happen with a good attorney on your side. He or she will keep you from making costly mistakes.
Good luck and keep us informed.
Thank you for this valuable information.
Interesting to note, I found creek county records regarding this property with commissioners orders regarding a payout for eminent domain for the Tulsa turnpike (which included “heirs” of my dad, along with damages awarded from an oil company.
This is all new to me and I am truly at a loss on what to do, but definitely do not plan to jump on any offer.
Thank you so much, Allison
I would think the turnpike payout would have been for surface rights. You probably still have the mineral rights. Since they are contacting you, it appears that you do.
I am also not an attorney, but can help you identify the clauses that will need adjustment to your favor.