Hello all. I am new to this community and very happy to be a part of this educational forum. I currently have a 40 Acre lot located at Township 29 South, Range 24 East MDB&M in Kern County California. Im currently in the process of contacting and eventually negotiating a lease agreement and would appreciate any advice there is. Ive done quite a bit of research on my own and have learned quite a bit but still have a few questions.
To the best of my knowledge, many surrounding and nearby lot have already developed profitable wells by Occidental Oil & Gas. Occidental also made me an offer in early 2010 for a lease but I never pursued it.
1) What is the best way to accurately speculate the potential value of our mineral rights based on neighboring properties and negotiate the lease. Im not well educated in these methods of locating lots and would not be able to calculate how far other members' lots are located despite reading their discussions. Although i presume a few must be relatively close.
2)If my lot is 40 acres, how would that translate in net acres on which the lease is designed?
3) Another question would be regarding a traditional lease contract versus pooling. I understand the pros and cons vary from state to state and if anyone could give any advice specific to California.
4) I was also wondering if anyone recommended any other Gas and Oil companies other than Occidental to reach out to for a lease in Kern County. I understand that you want to sign a lease with a company who will be the end producer and not simply flip your lease agreement. Any advice?
5) Finally, i was wondering if anyone had recommendations for a good attorney of professional in this field to assist in negotiating the lease.
Any advice is greatly appreciated.
Thank you fellow members of mineralrightsforum.com!