I was contacted by EGT wanting me and other siblings to lease 40 acers. They offered $370 bonus for each of us, not sure if thats one time or monthly/yearly and 15% royalties. Im curious to know if this offer is a good offer and how soon will drilling start and whats the chances of our 40 acers producing oil and for how long? Also all siblings have signed already except me and my brother. Do me an my brother have the right to negotiations even though otger siblings have signed already. I thought about asking for 20% royalties and will probably settle at 18% with there counter offer. Most importantly i wanna find these 40acers on a map, how do i do that? Thanks in advance and i hope this has helped some of you.
Generally the company’s first offer is lower than they can go so ask for more $ and your idea about 20% sounds like a good one. You and your siblings are separate beings in the negotiating. It won’t affect you that they have signed, although it is always better to stick together. I recommend getting an attorney. I don’t know any in Wood County, but Scott Windom (Windom Law Offices, 1-304-643-4440) is in Harrisville, Ritchie County, nearby. Did the company give you any information about the property? District, Tax map and parcel number? If so, here is a website that can show you where your tract is.