Rec’d a lease offer:
Section 16, 14N 25W
Bonus: $1,500/net min acre Royalty: 1/5th Primary term: 3 yrs paid Optional term: 2 yrs additional $1,500/acre
Haven’t had a lease in over a decade and this is inherited so not a lot of experience. The contract seem VERY favorable to the Lessee so I likely need to get attorney review or get pooled.
The offer is from Jake Tiffany Land Company who I cannot find any information here on the forum.
Only 6 acres so not sure it’s worth the cost of an attorney review, whether they are looking to lock it up or actually drill; or how I would even know.
Also, does anyone know how I would find out if there are any legacy leases with active rights that might conflict with this offer ? Are there clauses in a lease that can help push that risk to the new lessee ?
Thank you in advance, naive questions but I am naive on these matters.