Very new to all of this... inherited mineral rights from my father when he passed away last year, located mostly in Seminole County, OK. We had some existing deals going with New Dominion LLC and so far the most I've had to deal with is pooling requests and signing bonuses for new wells.
Last week I received a request by mail from UDX Canadian Valley LLC to do a 3D survey of a piece of land in Township 9N Range 6E in Seminole County. It specifically asks for "a term of 2 years from the date first mentioned above, including the right of ingress, egress, and across the mineral interests owned or leased by you. If at the expiration of the 2 year term provided for herein, Contractor is permitting, surveying, or conducting seismic operations with the Canadian Valley 3D survey then this Permit shall continue and be in force for as long thereafter as is necessary to complete all permitting and geophysical operations of whosever nature."
First, I have never dealt with the company before and searches online haven't yielded anything, so I have no idea whether they are legit or not. Two, if they are legit, are these terms reasonable? I'm not sure whether it is normal for there to be some sort of financial compensation for allowing them on the property to do their surveying. If not, should I just sign this and let them do their surveying, or wait for a "better" offer from another company?
Any help or advice would be greatly appreciated.