Changing the Term of an Oil Lease

Good Afternoon…yesterday I received a letter from Antero Resources wanting to enter into a lease agreement for some mineral rights I guess I own. On 28 gross acres, they are saying my interest (net acres) are 0.07796. They offered me $300 lease bonus with 14% royalty payout. My siblings were offered the same thing. I am not sure who the other parties are that own the rest of the mineral rights but I assume it is my great grandmothers family.

Here is my question…the lease says 5 years with the option to extend indefinitely. How do I go about changing that? The lease bonus seems low but it is for a small amount of the property. Is that a fair offer?

I live in Oklahoma and never knew about this parcel until yesterday. The Tax Map and Parcel is 2-6-12. How do I find out if there has been successful drilling in that area?

I thank you in advance for the help.

From the WV map it looks like there are permits and active wells one or two parcels away. WVTyler2612


I just responded to your other post. Just treat the leasing as a negotiation. If there is a clause you don’t like, mark it out and let the landman know that you aren’t willing to sign with that clause.

I urged you on the other post to seek a professional. I am going to do it again… especially if you just found out about this mineral interest within the last week. Here is an example why:

Imagine getting a call about a mineral interest parcel that you never knew anything about. Your wildest dreams come true and over the course of the next few years, you make a significant income from it. Then you are served papers because a different owner feels like they have rights to the property. It turns out that lease you signed says that you warranty title. That means you are held liable for an error in title. At best, you have to pay to defend it in a lawsuit. At worst, you have to pay all of the money back.

I’m working with a landowner right now who got a similar letter in the mail a few years ago. It turns out that the oil and gas company had their money in suspence and the mineral buyer was trying to purchase those royalties AND future royalties. Please educate yourself before making any decisions.

Hope this helps!