I have an offer from Sullivan Land Resources on my 75 mineral acres. Anyone have an idea of what is a "fair offer"? Also, anyone had experien ce with Sullivan.
How close are you to Weld County. What I did was look at all the Permits and Drilling Applications for my county which was Weld. You can go online and get that info. Look at everyone. Some leases are a part of the information and you can tell from them what the percentage of profits are offered. Unfortunately, usually the lease has for Ten Dollars + consideration, that way you cannot tell what the bonus was. But you can possibly contact the owner who signed the lease and ask them. Be careful and do your homework. If you can, go to the recorders office and ask them how can you tell what the bonus per acre was. I contacted a landman in Greely colorado to look after my interest since I did not live there. You may do the same, get someone in your corner to deal with these people. Do not go into this without researching this. Again, once signed forever sorry.
Sullivan frequently works for Chesapeake, who pulled out of deals in Michigan, North Dakota and I hear recently in Colorado. I suggest you only let them have the lease after you have the cash or escrow with a bank.