My deceased father had mineral rights to a parcel of land in Bradford County. . . about which he told us (kids) nothing. We have just been approached by Chief Exploration and Development to lease the property. They propose to pay us 1/8 of the revenues from the sale of either gas or oil. My questions about this proposal are:
I realize question 2. is hard to answer, but we'd like to have some indication of the averages in Bradford County.
Dave: How old is your lease? My understanding is that there's a "glut" of gas in the country now and the price of gas has gone down, so companies are not paying what they used to. 'Course, this info came from the prospective lessee, so not sure it's true, but it is true that we're awash in natural gas and have become an energy exporter, when for most of my life we've been a importer.