William,
Remember all leases are negotiable. You need to figure out what you want and when the land man calls, tell him these are some of the terms. If you don't want an extension, that is the time to tell him, not after he said he will give you $??. then you change the terms.
I always take my leases to an oil & gas attorney to make sure I haven't marked something out that will come back an haunt me, laws do change and what is today's laws may not be the same next year. Remember a well can produce for most of a person lifetime and a bad lease will be the same. Most landmen are great people, but remember they are being paid by the oil company, so they will work for their interest, not yours.
Hello Virginia,
Good to see you're back from the farm. Have been missing your posts.
Clint Liles
Virginia Pflum said:
William,
Remember all leases are negotiable. You need to figure out what you want and when the land man calls, tell him these are some of the terms. If you don't want an extension, that is the time to tell him, not after he said he will give you $??. then you change the terms.
I always take my leases to an oil & gas attorney to make sure I haven't marked something out that will come back an haunt me, laws do change and what is today's laws may not be the same next year. Remember a well can produce for most of a person lifetime and a bad lease will be the same. Most landmen are great people, but remember they are being paid by the oil company, so they will work for their interest, not yours.