1. Realizing that there are a lot of variables that come into play (location of mineral interest, amount of a mineral owner’s net acreage, etc.) ……. just in general in today’s market, when it comes to negotiating a lease is there a rule of thumb as to what is considered a great, average and low bonus amount per acre? In general ……. and then in particular, in Pecos County, Texas.
2. Same question for a royalty rate…… and length of lease and lease options?
3. How do you decide when it’s cost effective to retain the services of an oil & gas attorney when negotiating a lease? Is it based on the amount of the mineral owner’s net acreage, etc? Is it based on the amount and terms of the initial lease offer? Other? If yes to any of these, in general what’s the threshold at which you should retain an O & G attorney? Any feel for range of attorney’s hourly rates that are fair?
4. If retained by an individual mineral owner, can a landman be just as effective as (and less expensive) than an O & G attorney when it comes to helping an individual mineral owner negotiate a lease (assuming the landman would not have any conflict of interest)? Review terms of a proposed lease to make sure the mineral owner is getting the best terms? What’s a feel for range of a landman’s rates?
5. Is it customary and acceptable for a potential lessee to see if a mineral owner will accept general terms such as bonus amount, length of lease and royalty amount prior to submitting an actual lease to the mineral owner for review?