Mineral Rights Inheritance

DKW · 2018-03-12T14:21:48Z

Our parents, who have recently passed away, leased our mineral rights (in Range 61W; I had mentioned in a previous post Range 63W, that was an error) to a major company a number of years ago, in the name of our family trust, and that contract included an automatic right of renewal clause, for an additional 5 years, at the same terms, following the first 5 years, which the company did exercise at the end of that first five years. The contract comes up for renewal again this fall. Here's the situation we face. In the wake of our parents' passing, the trust is being dissolved and those assets, including the Weld County mineral rights, will be transferred to a new LLC with my brothers and I as the sole members. Obviously, that will affect the contract in question, since it is with a now defunct trust. We are wanting to negotiate a whole new set of terms when the time comes this fall, since that initial contract is coming to an end, and was low-balled to begin with. Our fear is that the company, when notified, will simply want to change the name on the contract allowing them to keep right on renewing it at the present terms. Is this an issue we should be on the alert for? And, if so, should we have them cancel the contract completely and then begin the process of shopping for a new lease, perhaps even with a different company? Any guidance here would be greatly appreciated.

Colorado Mineral Rights Weld County, CO

show post in topic

Home
Categories
Guidelines
Terms of Service
Privacy Policy

Powered by Discourse, best viewed with JavaScript enabled