What is the process for returning a lease and being paid the lease bonus?
Send them a copy of the executed lease and request the funds be paid before returning the original to them.
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Mark COPY DO NOT FILE on each page of the lease. Always keep a copy of your original lease for your files. Send by certified mail or overnight mail so you have receipts. Make sure the check clears before sending the original.
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Thank you so much for the information.
You can always use a 3rd party intermediary, like an attorney or escrow company. You give them the lease and when they receive the bonus money, the Lessee gets the original lease. Of course this will cost a little bit of money to do, but maybe the Lessee will pay for it.
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How do i find out if my lease has expired, as I don’t have a copy of it, and I’m not sure where to begin looking for it, if it’s public record, etc. I inherited the mineral interests in ND and recieve an occassional royalty check for my share. I need to get up to speed quickly on mineral rights ownership, without the involvement of a lawyer because I can’t afford one at this point. Any suggestions on where to begin would be helpful.
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If you are getting royalty checks, then you are leased and are held by the secondary term of the lease by production. Contact the operator for a copy of the lease. Tell the Division Order analyst that you need a copy of the lease for your records since you inherited. Be ready with your check statement and owner number.
You could search the county records for the original lease.
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Thank you so much, this helps!
Best advice from Todd and you that I’ve seen on this site. Thank you!
What are the pros and cons to signing a lease agreement for my share of mineral rights, as opposed to selling my mineral rights? I inherited a fraction of the rights in ND, along with other family members. We have gotten offers to lease, as well as offers to sell. Could we be forced to pool if majority wants to lease? What if we don’t sign a lease agreement, would we be out of the deal, if forced to pool? Could we be forced to sell our mineral rights if majority wants to sell?
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If you lease, you may get drilling and get royalties from one or more wells. Depending upon the wording of the inheritance document, you may each get to make your own decision, but you have more bargaining power if you stick together, just lease on your own lease form. The draft lease is rarely in the mineral owners’ favor, so getting an attorney to split the costs and get better language is wise. Again, depending upon the wording of the document, you can each decide whether to sell or not or sell to the family members who want to keep the minerals.
Pooling is not necessarily a bad thing depending upon the state. If you want to share the section, township and range, we can tell you about nearby activity.