Found out have mineral rights to new producing wells

Hi all, first post and not to have someone repeat already mentioned info. But looking for advice on where to find info on how to most beneficially navigate this apparent blessing (no matter the amount, it's better than no amount) but I have a fractional amount of mineral rights of land that has had a well on it for ~4 months. I have paperwork on the way from Choate company and the oil company is Seneca Resources should be sending me things too. I don't have a ton of detail, but want a quick and dirty on initial moves and number suggestions/ what I should expect to see.


Toby, are the minerals you inherited currently subject to an oil and gas lease, or is Choate wanting you to sign a lease? If there is a producing well on the property and you are unleased, you definitely have a leg up going into the lease negotiation, and there are other companies besides Choate/Seneca that would probably be interested in leasing the minerals. If you want to send me a message with the legal description of the property, I'd be happy to offer my 2 cents on what I've seen property lease for in that area, as well as pass it along to other companies if you'd like competing offers.