I am reading online not to hire an attorney too quickly and don't know what that means.
We are three family members who own percentages of a 320 acre property (50/25/25) in WY. We have all been given identical lease deals to sign as far as the bonus, royalty, length of term, etc.... There is two fairly lengthy sections on "pooling" which I have read a few times but the legalese trips me up.
I am suggesting to my other family members that we get an attorney to review the lease offer now. Obviously before signing.
Here is more discussion on our situation:
http://www.mineralrightsforum.com/forum/topics/does-generosity-of-an-offer-indicate-a-well-s-potential
Thanks for any advice
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Mr. Smith if you think you will accept this offer, it’s time to get some professional help. Write down all the questions you can think of before you engage a lawyer, it might help to consult a mineral manager, before the lawyer. Many times a lawyer may comment on the legality of a clause, but not worry about whether it is a good deal for you! Good luck with your lease.
Ned:
If you are unsure about the lease contents, it may be well worth you or the individuals involved to let an oil and gas attorney look over the lease to make sure that you are aware of the terms in which you will be subject to for the life of the lease.