My sister and I have received an offer to lease Mineral Rights on 8 acres of land in McClain County, at $800 an acre for a 3 year lease. We have questions, such as: Is this a fair price? Should we consult a lawyer to look over the contract? Has anyone dealt with Peveto & Associates from Texas? The landman who contacted us has been very cordial and professional, but we are new to this opportunity. It is good to feel a connection to our ancestors and current cousins in Oklahoma.
What is the legal description?
Carol,
I feel that getting a good oil & gas attorney pays for itself in the long run. I have been leasing for over 40 years and watch my parents lease for another 20+ years, but I still run my leases by my attorney. Oil companies leases are wrote for only them. If you aren't careful, you will be paying for transportation, etc and that can eat up a fourth to 1/2 of your check. Plus their are so many other things to look for.
Regarding the price for bonus, ask your neighbors what they are leasing for.
McClain County, Oklahoma Sec. 4 T7N R3W N/2 NE/4 SE/4, W/2 SE/4
I am new to this and trying to learn as much as I can. THank you!
Thank you. That is good information.