PetroEdge prospective lease ... I was told their signing offer was $1500/acre and when I asked about the rental payment if they don't drill - I was told the $1500/acre price was for five year lease (paid up)- so basically it's $300/acre per year for five years... is that standard? I've ready so many things about being sure the rental payment is in the lease, in case they don't drill... maybe I just wasn't understanding what I was reading, I don't know. But no where have I read that $300/acre was a reasonable offer!
Other question is about pooling - he said they won't drill on our property, it will be a horizontal well. How will I know when drilling happens and how do they pay those royalties when the lease doesn't specify where the drilling will take place that will impact our minerals?
I would appreciate it if someone could please help me understand this!