Like many others coming to this forum, I am a newbie to this whole matter of mineral rights. I was contacted by a landman on El Paso letterhead regarding mineral rights I hold in Duchesne County Utah. I have literally spent hours searching the internet to find any and all information that I can regarding this matter. From what I gather, there is considerable activity in the area and by looking at production maps, there seems to be active wells all around my parcel. I have almost 3 acres in Township 3 South, Range 2 West, USM. I did a quick search and found the latitude to be 40.21724 and longitude -110.52155. The landman seemed to be offering a lease at $100/acre with a 1/6 royalty with a 5 year term. So, what do I do now? It seemed logical to try to determine if there is current oil production in the vicinity or adjacent (of course) and the extent of the production there. I feel like a dummie as I don’t have a clue as to what to do. That is what brought me to this fine forum, which is a wonderful resource for the type of information that I am seeking. I guess one simple question I might have is whether anyone else is familiar with the geography that I have mentioned or has some thoughts as to what steps I should take from this point going forward. Thanks in advance for any assistance that can be provided. Best regards to all.
Rick:
I'm sure you have found that the Utah Oil and Gas website contains alot of information about the wells in the State. The problem you might have in advertising your mineral interests is the small amount of acreage you hold. You might research the records to find out who is actively drilling in that area and contact their land department to see if they are interested in your acreage. In doing this research, you may discover that bonuses per acre are currently going for a higher price. Just remember, this landman has a ceiling dollar amount and I would negotiate further in order to find out what that amount is.