I have been negotiating with L3 Resources on a proposed lease of mineral rights for the last couple of months, 17-10N-9W. Had been hoping for more offers but none had been recieved. We had come to terms with L3 at $1000bonus, 3/16 royalty but have not recieved a final contract. Today I did recieve another offer from Summit Land Co. for a larger bonus by about $500 per acre, 3/16 royalty. First question, is Summit Land Co. a well known and reputable company? I have checked them out on line and see nothing suspicious. But it’s a new name to me. Second, would it be ethical at this point to consider this new offer? I am negotiating for several members of my family so feel I have an obligation to do the best that I can. But I don’t want to be a jerk either. Do I go back to L3 and tell them I have a higher offer? Give them a chance to meet or exceed?
What wells, if any, have been drilled in this area? The only one I know of was a natural gas well back in the 60’s. That was closed down after a short run.
Sorry to say, I do not have much experience dealing with the ins and outs of mineral rights. Thanks in advance for any advice!!