Have 10.25 acres of 82 total in Good Hope, Harrison Co, WV area. HG wants me to sign amended lease to replace old existing lease which may or may not be expired. They are offering 12.5% royalty or $1200/acre buyout. They are going to drill soon. Would like some experienced advice on all aspects of their offer. Thanks so much.
I just got another call from HG today. The buy out offer for ours (via a letter), near Lost Creek, was 1800-2000 an acre the way I figured it. The 12.5% is standard 1/8th. By current law, I don’t think they can pay you less. I didn’t get any information from them about drilling plans or timetable. They may drill from Jesse Run in Lewis county to get to our gas, though. We’re east of the interstate. Looking at WV DEP map, it looks like the drilling activity is west of the interstate which is where you are.