Hi everybody. So out of nowhere, my sister received some documents stating that we own mineral rights to 46 acres in Wetzel county, WV. It says in Proctor District.
I don’t know all the specifics yet as I’m waiting for her to send me the paperwork but I do know they have been looking for us for some while and they said there are several others they are trying to find.
My sister was offered a lease for 200$ a month plus 17% royalties.
I should know more here tonight. I’ve been reading on here all day trying to figure out what all of this means. Can anybody give me a basic explanation of what this all means?
So I made a mistake. It is not $200 per month, they are offering $200 total for the whole 5 years plus 17% royalties. I’ve never done this before but doesn’t that seem like a complete rip off? So if they never drill or touch the land, nothing can be done with it for 5 years?
If she inherited 46 acres is the offer for $200 per acre? Leasing minerals is much like leasing an apartment. They lease the mineral rights below the surface for a designated time frame. During that time frame they have exclusive rights to drill (or not drill). Instead of paying month to month, they pay the bonus up front.
If you are new, read the Mineral Help tab above and read the blogs category. Also read the Wetzel county forum for the last year or so and catch up on what others are saying.