Thanks in advance for any help.
Last fall my mom got a call from a landman from Cimerex regarding 20 net acres in the Permian basin block C5 sections 1,2,11 and 12. Survey PSL. From looking at the maps this is under the test track in Pecos TX.
The 20 acres mineral rights was owned by my grandfather, and is now owed by 1/6th for each of my three cousins and 1/2 by my 83 year old mom.
The guy made an offer , can't remember the bonus exactly maybe $1600 per acre, but it was for 5 years , and 20% royalties. After scanning a bit I realized this was not a very good offer , The bonus seemed good but it seems like most other leases were 3 years and 25% royalties.
My dad recently passed away so we were just able to probate the Will. When I contacted the landman it turns out that Cimerex is not going to develop the land, he was willing to give me that deal but no better, but he was just going to go and sell it to the developer, so it seemed clear it didn't make any sense to deal with him since he was just going to be an extra middle man.
One of the developers he mentioned is Endeavor and they seem to be drilling on the adjacent section. So I assume they will be developing the sections under the test track that my family owns the rights for.
How do I contact Endeavor? and what should I expect? i.e. what kind of terms should I ask for? and if they refuse those terms what would be the best way to proceed?
Many thanks for any help.
Here are the specifics as best I can tell.
Name of the operator of the well or name of the leasing agent/company: Endeavor?
Well Name and/or API number: ?
Location - Township & Range or Survey Name: Pecos TX Survey PSL
Abstract Number:blk c5 sections 1 2 11 12
Total Acres in the unit or pool : 2560?
Number of acres owned in the unit or pool : 20