Hi, I am new here and have some questions.
Far-flung members of my family (from Florida to Oregon) have been contacted by a Landman in Tyler, Texas, asking us to sign an Oil, Gas and Mineral Lease with the proposed terms:
3 year Paid Up Lease; 15% royalty: $250 per net mineral acre bonus for signing; three year option to extend for an additional $250 per net....
He is representing the oil company and we don't know which one it is. Do we care?
Included in the documents we are to sign is and Order of Payment form. And we are told we will receive our check within 30 business days after they receive our executed documents.
We have talked to the Landman and he seems very nice but is he telling us all we need to know? And are we being paid a reasonable amount?
Do we have risk and liability here?
Thanks for commenting,