New Lease Offer

Don’t allow that much time to close. Their procedure is to get your signature on a LOI ( Letter of Intent)or a MPA (Mineral Purchase Agreement) basically same thing. That is the place where the closing period is determined. That’s when they do their Due Diligence, ( check title, check offset production, check for new activity, etc). Basically you are tied up for the period. You aren’t to talk about the terms to anyone or accept other offers. The LOI may even allow 60 BUSINESS DAYS,which could be as much as 75 days. Tell them to do their Due Diligence before they call you. Then give them 20 calendar days. Get that Lawyer involved! LOI’S CAN BE PRETTY NASTY FOR YOU.