New to this industry since my father passed away leaving land with mineral rights. Please steer me in the best direction.
I have mineral rights to 40 acres and was recently contacted to lease. Property is in Canadian County, OK, Section 9. The landman is with a newly formed company called Double J Resources (red flag already?) and he sent me a blank template to review before the terms are added.
His initial offer was $2,500/acre with 1/5 royalty for 3 years and 2 optional years. He offered to go slightly higher if I could contact family members to go in with me.
Is there a standard lease template I can review to ensure his lease has consistent language? Also, do the lease terms sound reasonable?
I've already read through this forum where I should delete the clause warranting the title. Any other hints?
Thanks for your help.