I like No.1. The problem is they rarely do it because the information is work product that they spent alot of money on.
No. 2, is no encouragement to get it right, if they get a good well, they would jump for joy to secure good title for every acre at the lease bonus price. If they don't drill or the well is a dud, they will be happy that they skated on part of the lease bonus. If you really want to get their attention and assure that any acreage and interest is accounted for with lease bonus paid, say that all unleased acres/ interest is automatically working interest.
Steve Skelton said:
That sounds like a good idea. I may end up doing that with this property & another. I also came up with another idea & I requested for the landman to insert the following two articles into the contract about an hour ago. What do you think about this:
1. Upon certification of title, Lessee is to deliver unto Lessor a copy of the certified title abstract.
2. Upon certification of title, if it is discovered that Lessor owns an interest greater than 50% of 50 acres, whether in interest, in acreage or in both, Lessee will within 90 days pay unto Lessor the unpaid signing bonus amount based on this contract's agreed upon Leasing Fee of $2,500.00 per net acre.He said he'll forward it to the company & see what they say.