My siblings and I received a leasing offer from a company (Drilling Appalachian Company) for 1500 per acre in Wetzel County. We would like to counter that offer and need guidance how to do this. Please respond for all those who have done this. Thank you.
Do you have an attorney? If so, the attorney can do this.
If not, read as much as you can on the lease terms, as well as bonus and royalty %. Many things in a lease are important.
No we don't have an attorney, yet. We appreciate the suggestion. Do you have mineral rights in Wetzel and who is your lease with?
Not in Wetzel but in Ritchie, to the south. I have old inherited leases, and have had offers from Antero and EQT, and have done a little negotiating but have decided it is better to have an attorney do it for me. Good oil and gas attorneys familiar with the area know what terms and prices the companies will agree to, and can negotiate better than I can. I am not trained or experienced in that type of activity. I can read and understand a lease, but that is a different skill set!
Ok, all good advice. Thank you. These are old inherited mineral rights on property once owned entirely by my great grand Uncle. He kept the mineral rights but sold the land.
I got an offer in the mail from them too. They offered me $6000 an acre. I just threw it in the trash.
$1500/acre is awfully low. You can do better than that in Wetzel County now. Things have picked up a lot there since the beginning of this year.