Pleasants County, WV
All things pertaining to leasing, drilling and production in Pleasants county.
Beware of the land man's creative math!!!
Anyone receiving a leasing offer, BE SURE the math works out!! Companies will many times make errors here.
My situation is I am being offered $2000 per acre for 5 acres in Pleasants County. The $2000 times 5 acres means a TOTAL bonus/lease rent should be $10,000.
I have 4 heirs in my direct line, 7 heirs from an aunt. There is one other heir from a great grandmother's line. Total heirs 12.
The 4 in my line have a 1/2 share of one acre, or a 0.125000 share. The 7 from my aunt share .071428.
The other heir has a full share as she is the only heir. Our offer is $250 each. The other 7 $143 each.
The full share is $2000. For a total of $4000. Where is the other $6000??
4 times $250 = 1000
7 times 143 = 1000
1 times 2000 = 2000
Finally with 3 acres without heirs, how does this affect my royalties??? Am I still only entitled to 0.125000 on all 5 acres???
Tim Tarr
I'll assume it's grandparents that had full ownership and heirs got even amounts
So Grandparents had 5 Kids and left each an equal amount.
So that's 20% each. Now if your patents also had 5 heirs that's now 4%(20/5) for you. If your Aunt/uncle had only 2 heirs they would be 10% (20%/2)each. If you Aunt/Uncle had no heirs their 20% would go to remaing siblings. So 5% to your parents (1% for you) so you get total of 5%. (4%+1%) Your cousins with 1 sibling would get 12.5% (10+(5/2)). Hope that helps.
May 17, 2015
Terry Mason
Thanks to all who have replied. I just have a problem allowing heirs in my line all 11, to sign a lease agreement for 5 acres and get paid for only one acre. If the landman isn't ready to make a fair offer, then just leave us alone. I am just advising everyone this is how BB Land operates, beware of what you sign!! I can afford to wait for a fair offer.
May 17, 2015