I own 25% of the mineral rights on a 233 acre tract of land in Wetzel county, WV. One of the other owners has entered into a 5 year lease, including pooling/unitization with property outside of the 233 acres. If a well is drilled on a parcel that is unitized with this lease (not on the 233 acres), would it limit my ability to lease my 25%?
I have been offered $1,500 an acre for a 5 year lease with 1/8th royalty. I also own 25% of 183 acres bordering this property with a new vertical Marcellus well tested at 1.5MMcf/day (not pooled or unitized). Given the high potential of the neighboring property and well, I am reluctant to accept this offer for such a long period of time. Am I wrong?
Thank you.
My concern was not being marketable given all three owners could lease with three different companies which, I assume that would preclude drilling on the property. It does sound as if I could still benefit by pooling with any adjoining property or pool, independent of what the other parties do.
-Dan