Well the inevitable has happened. The task of negotiating a renewal of a lease from my Grandfathers ranch in the Hodges area has passed to my generation. We have a 5 year lease with St Marys Land Exploration, $35 per acre and 15% royalty, signed in 2008 that will expire this year.
A couple general questions
Is it a good idea to notify St Mary's that we will be taking other offers?
Is there a clearinghouse for listing properties or do the landmen just find you through title search?
Is 5 years a standard lease? The situation/technology has changed rapidly and will most likely continue to do so. Would a shorter lease period be a good idea?
I, my siblings and many cousins, are feeling a bit overwhelmed by all this. A real Joe's VS Pro's situation. Any feedback/information will be greatly appreciated