Hi my name is Carolyn. My husband and I have just been contacted by a man named Marc Lilley from Energex LLC in regards to some property we inherited in Lea county, where they are intending to begin oil/gas mining.
Its not a huge inheritance, (1 2/3 acres of 40 acres divided between family members). Still we were offered to lease at $350/per and 1/5 royalties. Some family members signed right away, but I did not because after doing minimal research, found there is more to it than meets the eye. I want to be responsible in regards to what happens to the land after they finish with it, and more importantly, I don't want to get stuck with any costs to repair or clean up after they've finished whatever it is they plan to do.
Clearly I don't even know what steps to take, let alone the right questions to ask. The attorney I spoke to said they charge about $300 an hour, so hopefully I can get some information from the good folks here in the forum before I open my checkbook...
Please can anyone tell me where to begin? The property I'm speaking of (I've got the exact coordinates) but its located in Lea county, Township 24 south, range 34 east, NMPM Section 25.
While I'm at it, has anyone heard of Marc Lilley or Energex? The only reference I found on the computer was a negative comment made about Mr Lilley stating he had not gotten back to them in a timely matter, which, was a red flag in of itself - that and a comment Mr. Lilley made to my husband in regards to my not wanting to sign the lease right away; his reply to which was something to the effect "oh it's just a standard lease, just sign it...etc" Another red flag.
Am I making too big of a deal about this? I feel the weight of responsibility, even if its not a huge piece of land.
Advice anyone? Thank you.