what royalty rate are you at?
Net or gross?
You should look into selling your minerals only . If they offer you 7200 , shoot for 8k a acre. After your land is added to a unit, they will take such big deductions , it will take years or a life time trying to get 320k back. Just make should you keep all surface rights, for future negotiating. Believe me I been there all ready. I lease 50 acres. email me if you have questions.. firstname.lastname@example.org
Hello. I am brand new to this forum as well as this oil and gas mineral rights thing. Antero has contacted my family requesting a mineral lease in west union, dodridge county. These mineral rights were tracked back to a great great grandmother. I am very concerned about the tax consequences if we sign an agreement. Will we be assessed a tax bill every fiscal quarter or only be responsible for taxes on royalties that may be paid to us.
You need a lawyer to review your situation. I use Weber and Weber in Weston. They are very good.
You need a CPA if you are concerned about the tax consequences. An attorney won't advise you properly on this as Michael J Miller indicated.
As an attorney with a tax and accounting background, the tax issues are usually less complicated than the business side of oil and gas leasing. I've found over the 50 years of experience with oil and gas leasing that knowing what a fair price is for your lease and how to write a good lease are the important issues . If your attorney doesn't understand the tax issues, you have the wrong one.
Just curious - how many net acres do you own?
What's the mood in Tyler co? I
Thank you Gilmore. I was concerned that there would be an ongoing property tax bill that my heirs may have to deal with. Do you know if I can ask Antero to buy vs lease mineral rights?
How many acres does your family own in that area? Some counties tent to value minerals differently. Taxes may or may not increase due to activity.
At this point, it's only a fraction of an acre from what I understand but the landman says that there are more parcels being checked out through ancestry. Taxation is the only thing holding me back from signing a lease. I need to find out if there will be ongoing quarterly property taxes incurred