My mother was sent a Oil, Gas, and Mineral Lease recently. She was offered $50.00 per net mineral acre with a (5) year lease term with a (5) year option and 1/6 royalty. The cover sheet reads:
Township23 South, Range 22 East, M.D.B. & M.
Section 28: East One-Half (E/2)
Section 29: South One-Half of Southwest One-Quarter (S/2SW/4)
Section32: Northwest One-Quarter (NW/4)
APN : 046-060-028;046-060-029;046-060-067
Containing 560.00 Gross and 93.3337 Net acres, more or less in Kings County, California
Lease offer expiring in 30 days which I got extended until the 25th of this month.
When I told company rep that I needed to look in to the terms as I wanted to make sure they were being fair to my mother, I felt like he was anxious and the terms might be negotiable. Do I need a Oil, Gas, and Mineral Lease attorney? Does these terms seem fair? Mom doesn't really have the funds to spend on an attorney. Can someone please advise....
Thank You
I have been in this same position and noted on a different post a recomendation to join Legal Shield (formerly PrePaid Legal) As the former name implies, it charges members a monthly fee for legal coverage which is received from a premier legal company in California. Legal Shield pays for coverage by a top law firm for each state and you can join for as little as $20 per month. Having been a member for several years, either family members or I myself have asked for advice from them several times. Some of these questions have been for free advice and some - such as IRS audit , have been received at a considerable savings, both for attorney fees and also with the audit outcome!. Now that we have questions concerning inherited mineral rights - when my pending contract is received I will send it to Legal Shield and it will be read by an attorney very knowledgeable in that field. If not yet signed, they will review a contract up to 30 pages (which it happens to cover) at no charge for members. Membership can be cancelled at any time. They can be of great benefit in a wide range of legal problems with attorneys who can give excellent advice in any field. You can look up Legal Shield on the internet for more info. Good Luck - Kathryn Davis