Would like more info on this offer whether it’s good or not. The parcel is divided among 100-120 family members. I think some have signed at a lower bonus but don’t know exactly how many have signed. Anyone have any info on Griffin Land Services? They have been sending these letters for 5 years now and each year the bonus keeps getting bigger. Some family members took a trip to the location and they say they have equipment just sitting on site. Any info would be great. Not really in a rush to sign either and could I get a better explanation of the offer? Does everyone have to sign before they dig or search? Or are these coordinates strictly mine (well my father’s)?
What is the legal description of the property? Section, Township and Range.
It’s in the image.
Well, attachment I added.
Ricky, please clarify - is it Griffin Land Services, or Griffith Land Services?
Griffith Land Services Inc. … sorry a TYPO.
The offer is nothing special but I would absolutely refuse to sign a lease that has POST PRODUCTION EXPENSES in it… none, nada, never. I will take the state offered lease in integration first.
There are landowners who have ROYALTY INTERESTS who are now seeing 70% “deductions” under post-production… and in Pennsylvania Chesapeake has reportedly BILLED PEOPLE for the losses they are claiming. And they are claiming as “expenses” the cost of the gathering systems, etc., yet you get to take no deduction for the equipment (depreciation)… AND THAT HAS TO BE CAREFULLY CRAFTED - if they say “enhancements” or “marketing” you are screwed worse. Base the royalty on GROSS PROCEEDS WITHOUT COSTS INCLUDING COMPRESSION, MARKETING, AND TRANSPORTATION. ZERO DEDUCTIONS EXCEPT SEVERANCE TAX.
The Texas state government land office lease is your model.