Out-of-the-blue offer on North Montague County, TX property that once had a lease - payments stopped long ago. Assume expired.
I asked this on Oil and Gas Leasing Help Group (no answer yet) and someone suggested I post here. We own mineral rights in North Montague County, TX and have been sent a leasing contract. This property is shared by two siblings. As a total newbee to this process, I am wondering many things. What is considered a good royality for a leasing contract? Bonus per acre? Where can I find a lawyer who understands these leases and knows what is a good lease in TX and what is a lease to run like hell from? We are told everyone around this property has signed. We are the last ones who haven't signed a lease because they couldn't find us. There is a oil pumping rig sitting across the street which has been idle for many years, and one a half block away. Can anyone give me some insight into these questions. This lease does have "Shut-in royality" clause and participation of owner in production costs. Thank you.