I received a call yesterday from company wanting to know if I had signed contract and mailed back yet. Seems like they are pressuring me. I have a very small stake in thses mineral rights as 8.0 acres is divided between 90 heirs. They are offering me a $400 bonus and 15% royalties and they said they did not need everyone to sign on to starting drilling. i do not know if this is true but their hurry up attitude kind of throws up a red flag to me. Any advice would be great.
If the 8 ac is divided amongst 90 individual leases that yields about .088 ac per lease. Multiply the .088 by $4500 equals just under $400. I think $4,500 per net ac is a reasonable offer for a bonus on smaller acreage. You might try instead to get a slightly higher RI percentage of 16-18% in the negotiations. Under WV law I believe they need only 75% of leases signed in order to proceed will drilling operations. Hope that helps and good luck.
Thanks Dome . Greatly appreciate your help.
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