My 82-year-old mother has been contacted by an oil company to lease her rights in Duchesne County, Utah. Does anyone know the value of 160 acres? Should we get a negotiator? Thanks.
Same offer from Newfield in Utah. They own 4 active wells nearby.
J.R. – this was approx. 640 acres for this lease.
JR Lamicq said:
I have been offered 200 per acre with 1/6 share to start from El Paso for the same area. I haven’t started negotiating yet and know we can go higher. What was your mother offered and by who?
Depends where it is located but that seems cheap to me.
Had a lease out there got drilled and producing 500 bopd.
I would find someone to help you.
JR Lamicq said:
I have been offered 200 per acre with 1/6 share to start from El Paso for the same area. I haven’t started negotiating yet and know we can go higher. What was your mother offered and by who?
Absolutely no attorneys. I think we could manage a deal on our own.
JR Lamicq said:
Gary, I’m new to this and agree I could use some help, where do I begin? Should I hire an attorney who specializes in these leases or is there a good consultant you could recommend? Other than this forum I don’t know where to go.
Thanks for your help!
gary speckman said:
Depends where it is located but, that seems cheap to me.
Had a lease out there got drilled and producing 500 bopd.
I would find someone to help you.
JR Lamicq said:
I have been offered 200 per acre with 1/6 share to start from El Paso for the same area. I haven’t started negotiating yet and know we can go higher. What was your mother offered and by who?
Has anyone considered collective bargaining?
I had some minerals out there and just signed a lease and can give you the number of the guy I worked with. He was very informative. I found that a lot of people will tell you anything just to get you to sign the lease. Almost gave myself an aneurysm trying to figure all this junk out. lol
I just inherited mineral rights in Duchesne County. I’m in the middle of a negotiation with a leasing company. They offered me $500 per acre and 1/6 royalty which I thought was kind of low myself. From all the reading I’ve been doing, I did hire a lawyer because I did not like the way the contract is worded. I was told to make sure the company puts $50,000 in escrow in your name in case they pull out because that is what they supposedly do. Like I said, I’m new to this and I do have a few contacts in Utah. My question is, are they finding any oil in Duchesne County?