Whoa! Slow down. If you have inherited minerals in Williams County, which is in western North Dakota, you may have some valuable minerals. First, get your mineral deed in hand. Second, don’t rush to lease. You need to get some comparisons. Get XTO’s offer, for example, and then contact Continental’s 800 number and ask a landman to contact you. See what offers you get. These people won’t walk away without a lease. When you have settled on an offer–and your royalty should always be at least 3/l6th–then contact an oil attorney to go over your lease and clean up the bad parts of it that favor the oil company. Don’t know what bonus rates will be offered–what I think you mean by “upfront royalty”–but I would guess in the $400 to $l000 an acre range. Will depend where in Williams County.
Vickie Warnick-Peunic said:
Hi Mat! I am in NY State and just received a call from someone from XTO. She said my Grandfather’s sister left him property in I believe Williams County ND. My Grandfather died in 1975. My mom (his daughter) in 2002. I have 3 siblings 2 in Washington State and one in Southern California. This lady, Karen Someone said she wanted me to call her as we are the heirs to 1/2 of this property. My uncle inherits the other half. They want us to sign a lease with an upfront Royalty. Reading this forum I see there is alot I don’t know. I work in the medical field so this is all greek to me and I don’t want to be taken advantage of. I believe atleast 2 of my siblings will go with my decison. Possibly my sister too. If you have any advice I would be very greatful.
I have no idea at this time exactly where or how many acres but should know more tomorrow.
Take Care and God Bless.