Hello!
My cousins and I recently received Oil, Gas and Mineral Leases for land that was passed down to us.
The terms are:
$1000.00 per NMA bonus consideration, 3 year paid-up primary term with option to extend another 2 years and 1/5 royalty.
I’ve looked at the map and there does not seem to be any activity nearby. There is one ‘dryhole’ that was started and completed in November of 2001.
Do we need a lawyer? Should we try and negotiate (although I don’t see anything to indicate there is a lot of interest).
The lease says Producers 88 / With 640 Acres Horizontal Pooling Provision.
Which I think is pretty standard, but I’m not sure.
I’ve been up late for two weeks googling everything I could think of.
Any thoughts, comments or insights would be greatly appreciated.
- Whoops. The land is located in the Southeast part of Block C-18, Section 9, and the part of the east area of Section 6.