I have a letter from a land agent stating that I have mineral rights for several thousand acres in Uintah County Ut. they want to lease at $50 a net mineral acre. What should I be looking out for.
David:
I am not familiar with the UT area but $50/acre seems to be on low side. If you will click on "Groups" above then "County" ; scroll down to Utah and then to Uintah. These are individuals who have minerals in the area and you can read some previous posts. Sounds like someone received a $100/acre offer in January 2013. If you have several thousand acres, your negotiating power should be very good, especially if the area is being developed. Bottom line, do your homework and research what is going on in your immediate area before signing any document. Contact the State of Utah oil and gas agency as one avenue to learn more about the area.