Hi, I own a 5 acres lot in Ward County for about 12 years:
Lot 1, N/2 of Section 3, Block 33, H&TC Survey, Ward County.
Jagged Peak Energy tried to lease the lot from me through their agent, Optima Land Group, for 10 years lease.
In the contract, under "Rate and Damage Schedule" it says $400/day for "Stacked Drilling Rig". There's no royalty in the contract so I called and was told that if they install a "pump", I'd get $400/day.
Now that they finalized their decision to explore, the agent said they will install a "pad" on my property. However, I'd only get one time payment of $15,000. Nothing else for next 10 years.
I inquired about $400/day offer they gave me but he said nothing in contract indicated that I'd get that.
Now I am really confused and don't know what to do. The agent sounded dishonest. I feel like I've been cheated.
Can anyone give me any advice?
Thank you very much in advance.