I have inherited mineral rights on some property in Posey County, Indiana. I have been approached to lease. My share is only eight acres of the total160. They’re offering 100$ an acre to lease. Is there a Going rate for this? I don’t know what my first step should be,I’m even new to joining a forum like this. I’m guessing I should have another pair of eyes on this contract that I don’t understand. Perhaps an attorney around the Posey County area that specializes in mineral rights ? Can anyone direct me or what my next step should be? I can’t locate the original deeds on my end, but I have found some notes listing when the deeds were recorded. I also have some rights in Kentucky as well. Could anyone help guide me what steps I should take? Thanks in advance. I hope I am asking under the right category , please excuse my novice.
Ms. Eck, I looked and it appears the forum doesn't have an Indiana group yet. I believe you could start one if you like. You could share any information you come across and it might your issues more presence. At this point I can just suggest that google is your friend. Check the company that wants to lease from you, forced pooling laws [if any] and any pieces of the puzzle you can put together. Most importantly, don't rush, and don't let anyone rush you to sign anything you don't fully understand.
Good advice, Mr. Kennedy.
There is an Illinois group, and a Kentucky group, as well as many county groups in both states. You could join as many groups as you wish, and sometimes you can learn things from neighboring states.
One thing is likely: they will offer less than they think it is worth.
Here is a link to documents that have been shared here before. Specific to Texas but much that is general.
I clicked on groups and checked and must have missed the Illinois group, somehow. Glad there is one.
There is not an Indiana group, Mr Kennedy. You are right about that. I suggested the Illinios group because perhaps somebody might know some more specific information about Indiana, from a neighboring state. I just thought of the Ohio groups too, although most of the Ohio oil and gas activity is in the eastern part of the state, bordering Pennsylvania and West Virginia, instead of the western part near Indiana.
Thank you very much for your reply and help. I’ll try and find out more before signing. I thank you all again.
Hi Nancy, thanks for you time in responding. I’ll look into the checklist you suggested and try to get more familiar with the groups as well. I’m new to all this. It might be good for me to check into at least the Kentucky group for future reference. I’ll do a little more digging for the Indiana interest at hand . Thx again to you all.