I’m new to this so please be patient. My family has mineral rights to about 17 acres in the J.A. Chireno Survey, Abstract No. 17, Tract 3. I’m curious to know what the current drilling activity looks like. We’ve been approached by a landman who wants us to execute a lease agreement.
I’ve read up on agreements, and I’ve played around with RRC Public GIS Viewer but since I have no idea what I’m doing of course it was no help. Anyone care to weigh in and give me some pointers?
Depending upon where you are, there are quite a few horizontal wells already drilled and permits for several more. It would be really wise to get a good oil and gas attorney to help with the leasing as the first drafts are not in the mineral owner’s favor. Several TX attorneys are listed in the Directories tab above. Don’t just think one well, think several…so getting the lease right is critical.
The initial draft includes 20% to our family and also calls for a proportionate cost share of post-production expenses. I know that’s not the most desirable scenario but not uncommon either, I don’t think(?). I do have a law firm in Houston reviewing the agreement now. In our initial contact we received from them they indicated that they were poised to drill 14-16 new wells but not necessarily on our acreage. I hadn’t thought about horizontal drilling though. Told you I was new at this.
Nac county has gained a lot of momentum. Who is the Lessee of the proposed lease?
I have minerals in the area. Would you be willing to share what bonus they offered you?
Due to a confidentiality agreement, I can’t give you specific information however, I would be able to take a family of four out for a very nice steak dinner, have a couple of cocktails and enjoy dessert. The remainder would be for the tip. Does that help?
I suppose that could be very good or very bad depending on what % of the 17 acres you had. I’ve heard of folks getting over $1,000 an acre in Angelina but no idea what Nacogdoches looks like, seems to be less popular so far for leasing.