Franklin County, MS - Lease & Royalty Rates

I was wondering if any of you knew if an average lease for mineral rights in Franklin County, Mississippi at $50 an acre for approximately 3 acres (out of 16 acres) for 3 primary years, with a renewal term of $50 per acre for an additional 2 years, and a 3/16 royalty sounds in the ballpark for a reasonable lease. My share is almost 3 acres, and my siblings and mom own the other part of the 16 acres. I know by reading your internet site it can vary greatly depending on where the land is and what the company may possibly drill for, but I wasn't sure if this is way too low or whether it is reasonable.

Also, is there anything that I need to look for in the lease that a layperson might not pick up that should be of any concern?

I appreciate any help you can offer. Thank you in advance for your suggestions.

Noel,

I should have mentioned that we only own the mineral rights to this land; the state bought the land many years ago for a road. I am wondering if that would greatly effect the amount of money. Where do you own your land?

Did you consult a lawyer? If so, do you mind telling me how much you had to pay your lawyer to tell you what a fair price was for that area? Thanks.

Thanks Noel. We sold approximately 16 to the state, but believe we still have the mineral rights from what the person that approached us said. We unfortunately sold the other 24 acres a few years ago to a cousin. The company that approached us said they probably wouldn't drill on the land we still own the mineral rights to, but if they drilled on the other land in the 40 acre area, it might pull from our land, entitling us to some of the profit if they drill and if they find anything. I just don't really know where to start to see what the going rate in Franklin County, Mississippi is, or who to talk to. Thank you again for your help. Did your company give you a hard time when you asked for only a 3 year lease, or is that the length of lease they come up with?

Where does your wife's family live? I am not sure where Engle overpass is?

Thanks for the information.

The Engle cutoff overpass is 8 miles west of Schulenburg on I-10. My wifes family now lives in several cities around Texas. My wife and I now live in Stafford, Texas. After her dad died we brought her mother to Stafford where she stays in a nursing home. The Eagle Ford Shale Play runs directly under our property. Since the land you are referring to is in Mississippi, I really am not sure how much you could get.



Noel Singletary said:

The Engle cutoff overpass is 8 miles west of Schulenburg on I-10. My wifes family now lives in several cities around Texas. My wife and I now live in Stafford, Texas. After her dad died we brought her mother to Stafford where she stays in a nursing home. The Eagle Ford Shale Play runs directly under our property. Since the land you are referring to is in Mississippi, I really am not sure how much you could get.



Mary Ann Scholl said:

Noel, That is great for your family that it runs right under your property.

I can only imagine how exciting it was when all of you discovered that it did run under your property.

Do you have any suggestions about knowing how to go about finding a reputable oil and gas lawyer in Mississippi? I do not live there, I live in Alabama, and my family lives in Louisiana. This happened to be family land on my dad's side and my dad has been dead for 36 years.

Thanks.



Noel Singletary said:

The Engle cutoff overpass is 8 miles west of Schulenburg on I-10. My wifes family now lives in several cities around Texas. My wife and I now live in Stafford, Texas. After her dad died we brought her mother to Stafford where she stays in a nursing home. The Eagle Ford Shale Play runs directly under our property. Since the land you are referring to is in Mississippi, I really am not sure how much you could get.

Search your phone book or Google for Oil and Gas lawyers. Call a couple and try to get a few free consultations with several different lawyers before you decide which one to use. Some are real cheap but remember, you always get what you pay for.

Mary Ann Scholl said:



Mary Ann Scholl said:

Noel, That is great for your family that it runs right under your property.

I can only imagine how exciting it was when all of you discovered that it did run under your property.

Do you have any suggestions about knowing how to go about finding a reputable oil and gas lawyer in Mississippi? I do not live there, I live in Alabama, and my family lives in Louisiana. This happened to be family land on my dad's side and my dad has been dead for 36 years.

Thanks.



Noel Singletary said:

The Engle cutoff overpass is 8 miles west of Schulenburg on I-10. My wifes family now lives in several cities around Texas. My wife and I now live in Stafford, Texas. After her dad died we brought her mother to Stafford where she stays in a nursing home. The Eagle Ford Shale Play runs directly under our property. Since the land you are referring to is in Mississippi, I really am not sure how much you could get.

Noel, Thanks for the advice. Do you think it makes a difference if you consult a oil and gas lawyer in my state (which is Alabama) or one in Mississippi?



Noel Singletary said:

Search your phone book or Google for Oil and Gas lawyers. Call a couple and try to get a few free consultations with several different lawyers before you decide which one to use. Some are real cheap but remember, you always get what you pay for.

Mary Ann Scholl said:



Mary Ann Scholl said:

Noel, That is great for your family that it runs right under your property.

I can only imagine how exciting it was when all of you discovered that it did run under your property.

Do you have any suggestions about knowing how to go about finding a reputable oil and gas lawyer in Mississippi? I do not live there, I live in Alabama, and my family lives in Louisiana. This happened to be family land on my dad's side and my dad has been dead for 36 years.

Thanks.



Noel Singletary said:

The Engle cutoff overpass is 8 miles west of Schulenburg on I-10. My wifes family now lives in several cities around Texas. My wife and I now live in Stafford, Texas. After her dad died we brought her mother to Stafford where she stays in a nursing home. The Eagle Ford Shale Play runs directly under our property. Since the land you are referring to is in Mississippi, I really am not sure how much you could get.

Contact Lloyd Everhardt re current bonus rate and royalty in Franklin Co., MS

His tel. no. is: 601/405-9874

Lloyd is very experienced landman and is very familiar with what is going on in that area

If you need lawyer (and you probably don't), then I recommend Reggie Jones or his daughter, Sara, both from Liberty, MS, their tel. no. is 601/657-4801

Reggie and Sara are very experienced in mineral law matters

Chuck, thank you so much for giving me Lloyd's name and number.

I have placed a call to him, and he is going to call me back.

Thank you also for Mr. Reggie Jones' name and number.

I had previously called the court house, but they could not help me with this matter.

I appreciate your help.