OIL GAS LEASE

[joefarmer]

WHATS THE INS AND OUTS OF SIGNING A LEASE FOR
RIGHTS 2 SIZMOGRAPH CANT SPELL LOL;;;
HOW MUCH IS USUALLY OFFERED PER ACRE??????

 

[blkmxz]

depends on area and i got 250 acre few years back for oil.

 

[joefarmer]

IN JACKSON COUNTY MI;;,,

 

[Dave SE Mich]

Which oil company? I have two leases in adjoining Lenawee county. The leases and payments are not the same. I think there terms and payments to lease vary greatly.

 

[joefarmer]

GREAT LAKES GEO;;;AND ARE OFFERING 0 TO TEST ON 140/A ;THEN SAID WOULD PAY 500 TOTAL FOR MY INCONVENIANCE TO CHECK THE COW PASTURE????WTF

 

[Dave SE Mich]

My leases are for mineral rights and possible drilling and are for a set number of years, the lease payments were paid up front.

Yours is a new one to me and it sounds like a payment for going onto your property to do the seismograph. I have seen seismographs done from the road, perhaps they need to get off the road and into the cow pasture. $500 is probably ok to allow access, I don't believe they will pay much unless it is a mineral rights lease. A mineral rights lease is needed for drilling to occur and payment to you.

 

[kyhayman]

Make sure to have an attorney read the fine print, if their is any. Seismograph leases here, or west of here I should say where my dad had property, we usually for 1.0 and included the following rights to the company. If the property checked out as worth drilling they had an option to lease for 1000.00 per year and could renew indefinitely as long as they paid the thousand. Then for any oil extracted they paid 12.5 percent of the oil, in oil. Landowner paid his own trucking, etc which they charged 2.5 percent for. Check for 10 percent of the oil came from the refinery every quarter.

 

[Tx Jim]

Gas land men try to lease as cheap as possible. I will never allow a seismograph testing machine on my property again. They ran the tests on mine and neighbors property when it was muddy and cut serious RUTS and wouldn't repair damage back to the way it was. IMHO they are liars.

 

[joefarmer]

thanks 4 all the good advice;;;;kris

 

[rhouston]

Never sign an open ended lease. A hundred years from now that $1000 won"t buy you dinner!

I get my $40 every year just the same as every other owner of my property has for the last 100 years. I"d like to go back in time and kick someones behind!