My grandfather owned land in Mississippi, 127 acres. In 1962 he sold the mineral rights to Hess Oil. He passed in 1987. Since then I have been trying to get a copy of the mineral lease. His royalty payments are 0.0000678. How much should a person receive percent wise from a company when selling your mineral? Also how do I get a copy of the original agreement? Also I need a lawyer to help me with this problem. He was a layman and I am sure he had no idea what he was signing.
When you say he sold his mineral rights in 1962 to Hess Oil, I assume you mean he granted an Oil, Gas & Mineral Lease, correct?
You can obtain a copy of the original mineral lease by contacting the County Clerk of Court’s office in the County the property is situated in.
The royalty provided for on a lease varies greatly. Back in 1962 it was probably common to receive a 1/8th royalty interest when granting a lease. Today, it still varies greatly, but 1/6th to 1/4th is common.
You can probably find an Oil and Gas attorney in Jackson, MS. Just do a Google search.
Jules