Hi all, I recently found out that my grandfather bought 10 acres of mineral rights in Reeves County, probably in the 1920's. A man from Texas Petroleum Land Management has called all 7 of us grandkids wanting us to sell or lease. We are all scattered and haven't talked since our childhood so it's been an individual decision for all of us.
The facts are: 2560 acres, more or less, all of Sections 30, 32, 36 & 38, all in Block 56, Township 3, Reeves County, Texas. I own less than an acre.
I've been offered $1000 to lease for a 3 year Primary Term with a 2 year option, 20% royalty and received a 3 page contract which I do not understand and there are no dollar amounts listed, other than "Lessor, in consideration of Ten Dollars." I do not want to sign something that I don't understand, but can't afford a lawyer. The man calling keeps telling me that if I don't do something the state will end up with my little "less than an acre."
My questions are: Is this a fair price? Shouldn't the contract say $1000 is owed me before I sign it? Will the state really get it if I do nothing? This 2560 acres is listed on this website for lease right now and can they lease it without all owners having signed a lease? And any other advice is welcome as I know absolutely nothing about any of this. Thanks beforehand, Jo Ellen Gillmar