My husband inherited 1/60th interest in 120.52 acres in Mount Pleasant. we signed an offer with Rice but now we are being asked to sign with Range Resources for less money. Does anyone else have any inside information that could help us make a decision? We are dealing with Neighborhood attorneys in Washington PA..
Do you mean you recently signed a lease with Rice? Or is your Rice lease expiring now?
Both Range and Rice have good reputations with landowners, with an edge to Rice. If there is actually a decision to be made, look at who has more parcels signed up in your immediate area.
If you have just 2 net acres, it's not worth paying a lawyer too much.
This is what we received from attorney. We live in CA , first time for us dealing with mineral rights. Thank you
1539-pamineralrights1.jpg (73.8 KB) 1540-pamineralrights2.jpg (73.6 KB)
I don't know how much negotiating either operator will do with a rights owner with 2 acres. I'd be looking for more like 18% royalty. The lawyer's note seems to indicate that the upfront bonus is $2500 total -- if this is correct, $1250/ac is pretty low. Of course, I'm more used to thinking in terms of >30ac and full ownership, so I'm might be off the mark.
Out of curiosity, who's the lawyer?
neighborhood -knestrick
We leased with Rice in Washington county PA, and yes, they do a very extensive back title check on all inherited leases (I think they had some bad experiences in the past from not doing so). As far as signing with Range, I would imagine that if you have already signed with Rice that you can not.