We were approached 5-6 weeks ago to sign a lease for land we didn’t know about. The land is 52 acres but there paying us a lease bonus of $130. ($20 an acre). So, I assume are percentage of the whole land is just 6.5 acres. Plus, there is a 15% royalty from any produce & from the wellhead. This is a southern county where little oil has been drilled before.
It’s been hard finding help since we live in a state that is not known for oil. I’ve tried reaching out to several mineral lawyers. Some couldn’t because of a conflict. I thought one was going to help but its been several weeks. They say time frames in Illinois are heavily impacted. I assume that has to do with covid or perhaps its to small for them to bother.
Well since then I found this sight and am shocked at what I might be paying for lawyer fees, especially if this is not a profitable well. I seemed to remember seeing a post here that an alternative to a lawyer would be finding another leasing agent to review the paper work before saying. How would I find one? Should the agent be in the same region as the oil land?
Thanks for help.