My last post obviously got a reply from the land man. Explaining their info did not agree with what I and other heirs have on paper.
Basically I told the land man many of my heirs including myself will not sign a lease at $2000 per acre.
What happens if they drill without a lease from all heirs.
If they drill without a lease in place on all interests they are trespassing.
If they are unable to get a lease from every interest owner they will ask the court to put a lease in place on each interest that they have not been able to get a lease on. It will either be a partition suit or an abandoned minerals suit. The partition suit will also sell the interests on the courthouse steps. The abandoned minerals suit will put the interests into kind of a trust for seven years, and the interest will then revert back to the surface owner.
Make sure you always tell the landman that you will sign a lease, and that you really want to sign a lease, but you just think their offer is too low. It's not so much to be nice as it is to be able to go into court (if you have to) and be able to honestly say that you want a lease. That will be a point in favor of your side of the argument in the eyes of the court.
Thanks Kyle, you answered this more thoroughly than I. Good point about saying you want to sign a lease.
Thanks to all who have replied. I am pondering 2 things to do. Either give my share to my brother, or hold out till I get taken to court. I see no worthwhile money in leasing and not worth the headache for reporting annual royalties of maybe a few hundred a year. The list of heirs seems to grow daily, with 51 heirs now sharing 5 acres seems to be a waste of time and effort for me. The only one who will make money here is the O&G company. So maybe I will be the stubborn one and play their game with them.
I'd suggest giving your interest to your brother. That will give him a little more negotiating leverage. Maybe he can buy up some of the other interests that are out there, too. I highly recommend it. Maybe even approach the surface owner and see if they are interested in buying the minerals. I know I would be if I owned the surface. It would give me a lot more leverage in negotiating a lease and surface rights (if I was careful not to give up surface rights in the lease).
I guess the land man didn't like my family's stubbornness. A family member recently received a letter stating they have decided NOT to develop our land. This is fine with us!! There wouldn't have been much money anyway.