I received a lease offer from Goodrich Petroleum for $250.00/Acres and 20% royalty for 3 years for Oil, Gas, and Mineral rights in section 6, T1N, R6E, Amite County, MS. I am an heir. I and my siblings own about 7.5 acres. When we asked for more the agent said that since my cousin had signed and returned her lease, $250.00/acre and 20% royalty, we will have to take the offer. Is it true that we have to accept the same offer? Is it a fair offer?
The landman is a liar and tell him I said so. These are your minerals and you are free to do with them as you wish. Gil and Hugh Goodrich would not be happy to be represented in this way.
You also do not have to sign he same lease form (which is probably not so good) for as your cousin. I doubt that she had professional representation.
Goodrich completed a TMS well in Wilkinson County, is drilling one well in Amite right now, and are supposed to bring in two rigs.
Buddy Cotten
Thanks.
Buddy Cotten said:
The landman is a liar and tell him I said so. These are your minerals and you are free to do with them as you wish. Gil and Hugh Goodrich would not be happy to be represented in this way.
You also do not have to sign he same lease form (which is probably not so good) for as your cousin. I doubt that she had professional representation.
Goodrich completed a TMS well in Wilkinson County, is drilling one well in Amite right now, and are supposed to bring in two rigs.
Buddy Cotten
Mineral Manager
Try to get a little more, $250 is about their starting point. Some of the smaller parcel leases have received as much as $350 and the 20% royalty. The royalty is the important part and I don't think there is more than 20% being offered right now that I know of. But you might try to get a little more bonus money if you can, never hurts. But in MS they can force pool you very easily. If you hold out and then sign if they force pool you, you have a chance to accept the best lease given in the unit, but I could be wrong and I would not take my word for that. Mr. Cotten would likely know a lot more about that than I would.
Thanks.
They also have a producing well in section 5 T1N R6E, which is the next section, according to MOGB.
Buddy Cotten said:
The landman is a liar and tell him I said so. These are your minerals and you are free to do with them as you wish. Gil and Hugh Goodrich would not be happy to be represented in this way.
You also do not have to sign he same lease form (which is probably not so good) for as your cousin. I doubt that she had professional representation.
Goodrich completed a TMS well in Wilkinson County, is drilling one well in Amite right now, and are supposed to bring in two rigs.
Buddy Cotten
Mineral Manager
Buddy
You are absolutely correct. If the Landman could not give more, just say so
Buddy Cotten said:
The landman is a liar and tell him I said so. These are your minerals and you are free to do with them as you wish. Gil and Hugh Goodrich would not be happy to be represented in this way.
You also do not have to sign he same lease form (which is probably not so good) for as your cousin. I doubt that she had professional representation.
Goodrich completed a TMS well in Wilkinson County, is drilling one well in Amite right now, and are supposed to bring in two rigs.
Buddy Cotten
Mineral Manager
Ike, I want to think that the risk penalty in Mississippi is 250%. No lease alternative. I might be wrong and will quickly stand corrected.
What people do not think of is that the lease money is the cheapest of any operation on a well. Another player can come in and get a ground floor deal by paying him $400-600 per acre. Not bad.
Buddy
R. Ike Craig said:
Try to get a little more, $250 is about their starting point. Some of the smaller parcel leases have received as much as $350 and the 20% royalty. The royalty is the important part and I don't think there is more than 20% being offered right now that I know of. But you might try to get a little more bonus money if you can, never hurts. But in MS they can force pool you very easily. If you hold out and then sign if they force pool you, you have a chance to accept the best lease given in the unit, but I could be wrong and I would not take my word for that. Mr. Cotten would likely know a lot more about that than I would.