I have been offered $350 an acre and 3/16. Is this a fair offer?? Is it possible to specify in the lease about the size of the unit ?? I know you can get screw by being put in a huge unit. Shirley
Hey, Shirley -
That doesn't sound bad for the area, but if you can tell me where the land actually is I can check with some people I know that are active in the area and let you know.
How much land are we talking about and what survey(s) is it located in?
Charles Emery Tooke III
Certified Professional Landman
Fort Worth, Texas
713-408-2850
80 acres in Chavert Survey…wells all around…part of this 80 acres is under Lake Limestone. Large unit to one side…Richard Gross Unit 1000 + acres. Braselton Unit borders also. We allready have acres leased to XTO next to this on one side. Lease on that to be up 2011. There is 520acres that can be put in unit. I want to know if I can specify about the unit in lease?? Shirley
Hey -
I'll take a look at the area and ask around about "going rates".
Specify about the unit? If you mean can you set the unit size, I would think not. Most leases allow the oil company to pool the land as they see fit, although that sort of thing is ultimately regulated by the state. Although you can specify what percentage of your lands will be included in any given unit that is established (for a smaller tract, typically all; for larger tracts, a minimum of 1/2 - that sort of thing).
If you decide to include that sort of provision in your lease, make sure and remember that it may be wiser to haver your land split between two or more units than one. You can drop a wrench and shut down a single well.
You have a total of 520 acres?
Charles
Shirley White said:
80 acres in Chavert Survey..wells all around..part of this 80 acres is under Lake Limestone. Large unit to one side..Richard Gross Unit 1000 + acres. Braselton Unit borders also. We allready have acres leased to XTO next to this on one side. Lease on that to be up 2011. There is 520acres that can be put in unit. I want to know if I can specify about the unit in lease?? Shirley
No, I do not have 520 acres…My husband once owned this 600 acre tract (surface) We now own about 1/2 the minerals. Some of these acres are in another unit at this time, some leased to XTO and not in unit and lease will be up 2011. They are trying to lease this 80 acres now which will give them all our minerals in this 600 acre tract. The other minerals in the tract are not in a unit and I am sure XTO has or is trying to lease to form a unit. Thats why I said there was 520 acres available there to form unit. Lots of directional drilling being done. Thanks for info so far…Shirley
I have found two mineral "leases" (appear to be assignments of royalty interests) owned by my deceased father-in-law. They are located in Limestone county; one is by meets and bounds in the App Freeman 30.4 acre tract, the other simply references Vol 55,page 334 of the Deed Records of Limestone County, Texas. Is there any easy way for me to find if there is or has been a producing well on these properties? Sufficient for me to spend tie and money to clear title through two intestates and one will?
Does anyone know what kind of activity is going on now around the Kosse area? Charles Welch Survey, A-567 is where our rights are. 106.04 mineral acres. We have been offered a 3 year lease for $75 per net mineral acre and 1/6 royalties. Is that fair for the area? Thanks! Kenneth Swann
Kenneth I would try for $100. an acre and 18 mos. lease at 3/16. Don't hurt to try..3 year is a little long for the bonus offered.
Courthouse Direct. Their website. Go to historical documents. You will have to guess a bit until you
get close to that book and year. You will find it.