My uncle and I both received oil leases within the last 2 years from 2 different companies. He acted on the first. ( The family had not received any for over 35 years) Because he is on Social Security he is now in the midst of a financial meltdown. The only reason I didn’t act was it seemed low. The question is if say 10 people have rights to the same minerals are they all bound to the same company and the same percentage. Cause they sent both of us seperate leases for the same amounts, for the same piece of property it is confusing me. How do you know what a fair offer in your particular area is.
No, you aren’t all bound by the same terms or company. The companies will work out a deal among themselves. More than likely the one with the majority will buy the leases off of the other companies. Or, sometimes they will work the land jointly (say one well, but each company gets a certain percentage from it). Now, if you all split off and sign different deals, you’re all hurting each other. Bargaining as a group is extremely beneficial. As for finding out what a fair offer is, you have to talk to the people around you. Enter your county in the search box in the corner, and see what comes up. If nothing else, just enter Wyoming. If you’re in SE Wyoming, rates are pretty good right now, because of the big buzz over the Niobrara. If you are in the SE corner, check out the post about Weld County Colorado.