Pleasants County, WV
All things pertaining to leasing, drilling and production in Pleasants county.
I think I am being lowballed by BB Land LLC
Recently BB Land has contacted us about mineral rights owned by my great grandfather, (when I say "us" there are many heirs!) Maybe more than I even know about. BB Land says there are about 150 heirs, my guess is at best 40 that are still living. I have already traced this family tree. I only know that the property is in Ben's Run, WV area. We are being offered $2000 per acre and 15% royalties. Each heir owns a .025% portion of the land and 0.0125000 net acres of mineral rights.
I have decided NOT to sign any leases. I don't see it being worth my time for $250.00. Since I have about 20 heirs on my side of the family tree, and we all are not needing an extra $250. We can hold out for awhile. BB Land is telling us Pleasants County is not a "proven area" at this time. If it is not a proven area, why bother the heirs??
Any advice from anyone in this area would be nice.
Thanks Terry
Kyle Nuttall
Pleasants may not be "proven" but the potential is awfully good. Counties across the river, and Tyler County next door, are doing very well.
You have a tiny net mineral acreage. I usually advise people with that little to just ask for a larger bonus (come back at $1500 and see what the landman says) and higher royalty (try for 18%). Also get No Warranty of Title, Indemnification, Gross Proceeds, and don't warrant that there were never any wells or leases on the property. If you can get that, considering the size of your net, you're doing well.
May 13, 2015