My family and I inherited acres in Marion County. After my mother’s passing it was divided between us five and I have a separate lease that just came to me from XTO. You’re offering me $100 bonus and 12.5% also like someone had mentioned it seems like they end up taking that away from you for cost. Personally I think $100 even though it is only one acre. I think $100 is not correct it’s in Lincoln District it Marion County. Two tracks. Anyone familiar with the area
My family inherited 110 acres in Marion County just as you have. XTO acquired rights in the lease my family has had since1905. The lease has been amended. I don’t understand the lease. My Aunt did the negotiating with XTO. They agree’d to 14% for Royalty and an up front payment of $250.00. All I know is that not any of my family has seen a royalty check . We signed Sept. 2014. We have 2 wells. One is active and the other is plugged. I really can’t offer much more info. as I am looking to find answers myself. I hope I helped a little.
Thank you . If I here more I’ll let you know also.
The reason for your bonus being a FLAT $100, is that your interest is small. I know they pay $1000 per acre. It is how the interest was spilt between you and your other family along with whoever else has mineral interest in that tract. So say if your net interest is 0.045, time that by $1000 and you would only get way less then $100. They are giving $100 Flat on Bonus if your net interest doesn’t make $100. I would have your family get together and all of you ask for $500 Flat each. Also ask for 15% cost free on royalty, a non surface clause, Hold harmless clause and Pugh Clause. You also need to ask the representative of the lease if they have drilled already, if they have 75% of the tract leased.