Wood Co. WV New Land Owners

My husband and I recently inherited about 100 acres in Wood Co. We are considering our options with the land.  We live 10 hours away. We don't really want to live on the land, but it has been in my husband's family for many years. We have a family renting a home on the land that has been there for many years. 

His grandfather was approached by several companies regarding fracking.  We have some of the paperwork, but don't even know where to start.

Any advise is helpful. 

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0ym9x5ag7ury2Permalink Reply by 0ym9x5ag7ury2 on July 14, 2015 at 2:51pm

Kylie,

    O&G companies will be going to the Wood County Courthouse or on line and find who owns your 100 acres. They will send you offers, like $80 per acre and $300 per acre which are too low. The landowners who signed early in Ohio felt short changed and they were. For example some signed for $10 an acre early while others signed later and got $6,000 plus per acre. The states allow O&G "Professionals" to short change landowners. Must be some O&G money at each state capital.

Look for a land group or lawyer who is putting together large parcels of land to put up for a lease auction.

Never sign an O&G companies lease, it will be written to protect the company and give you very little which they will then steal from you by claiming deductions. The 12% minimum royalty will actually be 9%, and if you get an exceptionally bad O&G company they will give you a few dollars a month while stealing millions in well products.

Never sign a lease unless the O&G company/driller is involved. Everyone but the driller will be "flipping" your lease to make the bonus and royalty you should have gotten.

I signed the best written lease in the US and got the Corporate Criminals for an O&G company. They are stealing Ohio blind, which goes to show you can do everything right and still get stolen from.

I have relatives and friends in Wood County. Go Big Reds!

Permalink Reply by Kylie Wilson on July 14, 2015 at 5:31pm

Thank you!  I have learned a lot in the last few weeks!  

Permalink Reply by Barry D on July 14, 2015 at 3:24pm

Kylie,

Living far from the subject property may seem to place a daunting barrier between you folks and being able to deal with this issue.

Fortunately we have the internet. Information is readily available and the back and forth between you (perhaps your legal representative) and the oil and gas companies is simplified.

The most important factor is patience. No matter what anyone tells you there is no rush. Any drop dead deadline presented to you should always be rejected.

Take your time. Become informed, perhaps hire representation (be careful here also).

There is no rush to make a decision, we are in the infancy of the development of the shales, especially in your area.

Permalink Reply by Kylie Wilson on July 14, 2015 at 5:34pm

Thank you! We do have a local WV lawyer but not sure this is his specialty.  We are just feeling things out right now. We are young and not really in any rush. 

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