I have a small 5 acres . i have been told over and over that they are not talking to people with less that 10 acres yet in my area. Claypike rd. Who exactly is they and should i be looking to get in a group. If there is one for this area.
Thanks ken so it is just a matter of time too i guess.
Are your neighbors leased? If not , why not get with them and see how many acres you all together....then either see a land group or an attorney.
If your neighbor is leased or even if several are leased...find out who their lease is with and contact that company and see if they are forming units and might want to include your land.
I understand the oil companies are trying to put all the land on leases....they even lease under county courthouses if they can. Could get you a lease if you just find out and call.
Pls make sure you find an oil/gas attorney to help you if you do lease...and study here at this forum to find out more about leases.
Thanks VG this is possible i will try door to door first
I have no idea where you are but working with your neighbors is the best way to go. Call everyone from 1/2 acre and up. Get everyone up to speed on lease terms and what companies are active in the area. The time to learn is BEFORE they knock on your door.
If all the large parcels are leased to one company, then that is who you will have to deal with. But by working as a group, you will have a better chance at getting a good lease. For smaller parcels, much of the lease like Pugh clauses and regional ponds doesn't matter so look at royalties, gross vs net, indemnification, setbacks, and more. Get at least the same price and/or royalty rate that all the larger parcels got, maybe a little more.
They will approach you when they are getting ready to drill. They will want to get everyone, even 1/4 acre lots, under a lease. So learn all you can now and get everyone ready for that day. It nay be tomorrow, it may be five years down the road, but is coming.
Thanks jim. Ok here is another statement thats been thrown at me around work where alot of people have already leased up. If your a person who does not want to get involved or if you do nothing at all.The state of ohio has some law that allows them to just take whatever and drill under you anyway. My comment to them was if such a law is in place why pay or lease anyone just drill and take????
Ok thanks mark. I think i will use the good advise all of you have given me instead of the gossip at the coffee pot hehee. This is the place to ask my questions. Very impressive how helpfull everyone is. Thanks all~!