Looking for professional lease advice...
Similar to other postings, I was contacted by a landman about inherited ownership of mineral rights in Greene County, and have been sent a proposed lease with a major O&G company to sign. While the total tract is about 210 acres, my part of the ownership may be as small as 10-20 acres. The offer for signing and royalties seems to be on the high side of what is posted in various areas of the internet. But, of course, none of that information is very current or reliable as to "what is fair".
Trolling the web for attorneys has not produced much of a response to date. Apparently I am too picky, asking for references and qualifications as to their experience in this area. Perhaps due to the small scale of the rights involved.
I have two choices to currently consider. One firm, that is clear that they will serve as my agent to negotiate an advantageous lease (they are asking for 5% of the signing bonus, whatever it ends up to be, with whoever it ends up to be with). But, they are also clear that their services are not official attorney-client. Of course, they promise the potential for a much bigger than initially offered pay day!
The other is a more traditional law firm, asking $250 per hour, but with no clear written scope of what services they intend to perform (do they negotiate amounts, or just do agreement review and amendments, etc.?)
In the end, I may be a pretty small landowner, and as such, it would only take a very, very few billable hours to get to the 5% figure the first firm quoted. There is an attraction in hiring someone with a stake in the outcome - no lease, no pay, and if they can get more, we both profit. But there is that issue of solid work and depth of review to make sure the lease that is signed protects me (and the surface landowners!) to the greatest extent possible.
Any words of wisdom on how many billable hours were involved in your lease? Are there landowner groups near Bobtown that I should be aware of and contact? Any referrals for attorneys in the area that I should consider?
Thanks for any and all advice!
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Replies to This Discussion
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Permalink Reply by Henry Edwards on
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Use Smitz Butz out of Canonsburg. Reasonable expense-in fact very reasonable. I was very happy with them
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Permalink Reply by Dudley rainey on
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Greetings, I also just got notice of mineral rights for approximately 309 acres in Morris Twp but have been hounded by company out of Greensburgh to SELL. We have 7 family members as joint owners/inheritors and I am now in process of locating them all. I am also looking to Lease, not sell as I feel that is a much more lucrative and longer reaching goal.
How would I reach Smitz Butz ? Web site?
Dudley
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Permalink Reply by Henry Edwards on
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bodonnell@smithbutzlaw.com Brendan O Donnell. Do not sell. Lease. I also have used a S&T Bank to represent me in a lease since you don't have an offer yet. I found using them at 6% of the bonus money only was good since I live in GA and don;t have the contacts or know what is going on. They represent you and do all the legal work. They have contacts with all the major companies. They just did a lease for us in Greene County If you would like to contact me directly My phone # is 706 635 6361.
S&T bank info is
Scott D. Porterfield
Vice President
Mineral Management
S&T Bank
Greensburg
724-836-2011
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Permalink Reply by Dudley rainey on
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Great....thanks, I am am a displaced Pennsylvanian to the San Fernando Area of California and only vicariously keep up in Pa. I'll chedk them out.
dudley
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Permalink Reply by Dudley rainey on
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One more question tho for anyone. I was told by the company wanting to buy, that a in order to have a lease, you needed every named lease holder to consent and sign, but for them to buy, they can purchase any one of the lease holders portion? regardless of the others?
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Permalink Reply by Henry Edwards on
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Correct they are just buying your interest
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Permalink Reply by Dudley rainey on
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