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Started By
Message
1
Posted on 11/5/14 at 12:26 pm to Beefherinthequeefer
Yeah, the more I research this shite, the more I realize how dude is trying stick it too us. May need an attorney, but you never know what attorneys are gonna do to you.
Posted on 11/5/14 at 12:27 pm to bpinson
Do what you gotta do...
Posted on 11/5/14 at 12:27 pm to Beefherinthequeefer
What did daddybeef say about your location?
Posted on 11/5/14 at 12:28 pm to MrLSU
I've lived here all my life and never heard of O/G in Leake Co. You got $375/ac?
Posted on 11/5/14 at 12:28 pm to terd ferguson
I'm on mobile, he sees nothing. Plus he doesn't give a shite right now, he's been on the phone all morning.
Posted on 11/5/14 at 12:29 pm to bpinson
quote:
bpinson
My family has land in Franklin County. I know we signed a lease recently, and that whole side of the family are OG landmen/attorneys.
I'll let you know what you should be asking for.
Posted on 11/5/14 at 12:35 pm to bpinson
quote:
but you never know what attorneys are gonna do to you.
quote:
stick it too us
Posted on 11/5/14 at 12:45 pm to bpinson
quote:
bpinson
Depends on pay zone.
If Wilcox, $100 PAB and 3/16 3 years is what our lease is. Make sure you negotiate damage compensation for any seismic work.
If TMS, $350 PAB and 1/5 3 years is what our lease is (this is in Wilkinson Co. though).
This post was edited on 11/5/14 at 12:55 pm
Posted on 11/5/14 at 12:52 pm to bpinson
quote:
University: J & J Hair Design College
I thought that was funny
Do you know or have any idea who the operator may be?
Posted on 11/5/14 at 12:58 pm to absolute692
pls do...bpinson2037@gmail.com thank you
Posted on 11/5/14 at 1:00 pm to hardhead
No idea who the operator may be.
Posted on 11/5/14 at 1:18 pm to bpinson
quote:
bpinson
See my post above. It is going to depend on which formation the company wants to lease the rights for. If you're in southwest Franklin, its more than likely TMS. Otherwise it will probably be Wilcox.
What town is closest to the land?
Posted on 11/5/14 at 4:43 pm to absolute692
Is in Lucien, just south of Lucien Baptist Church.
Posted on 11/5/14 at 5:02 pm to bpinson
quote:
bpinson
That is East of our land, so I would imagine the lease will be for the Wilcox. I will find out more, since our lease was signed about 3 years ago.
Definitely negotiate compensation for surface damages due to seismic.
I know this isn't the same state, but it might help some.
LINK
Talk to other landowners near your area. You can also go to the courthouse and look at any new mineral leases and see what terms and stipulations they have.
If you want, I can have someone email you and can give you some advice.
Posted on 11/5/14 at 5:19 pm to absolute692
absolute, pls do, I need all the advice I can get...thank you
Posted on 11/5/14 at 5:25 pm to bpinson
If you hold out, you're betting that the price of oil is going to jump back up soon. I wouldn't be surprised if the next call you get is with a lower bonus offer.
Ask for a rider that includes a damage clause for anything that happens on the surface, including seismic operations. Put a minimum payment provision in there that if they enter the ground for any reason, you will be paid at least $3,000 at the completion of operations.
Any decent landman will have a file full of riders that he's used in the past, tell him to bring you the legal language and you'll save yourself a lawyer who will charge you plenty for maybe five minutes of work.
Ask for a rider that includes a damage clause for anything that happens on the surface, including seismic operations. Put a minimum payment provision in there that if they enter the ground for any reason, you will be paid at least $3,000 at the completion of operations.
Any decent landman will have a file full of riders that he's used in the past, tell him to bring you the legal language and you'll save yourself a lawyer who will charge you plenty for maybe five minutes of work.
Posted on 11/5/14 at 5:29 pm to bpinson
Negotiate the best trade you can get but don't hold out too long. I've seen a lot of landowners wind up with no lease at all because they thought they could sit and wait for the bonus and royalty offers to escalate. I've seen the leasing companies pull out of areas where they weren't getting landowner cooperation to their liking.
Posted on 11/5/14 at 7:53 pm to bpinson
quote:
Small tract in Franklin Co, Ms, (30ac). They are offering $100/ac and 3/16. I am adverse to surface access without damages and the 3D seismic shite is kind of shitty if you ask me.
Things may be different in MS but $100/acre and 3/16 is low for south Louisiana. I wouldn't accept less than $150/acre and a 1/4 lease for property I have...and yes, I have gotten this recently. Your lease should also spell out all indemnifications.
Standard O/G leases change often and I would strongly urge you to get an attorney who is familiar with O/G leases to advise you. A lot of O/G companies hope that landowners will jump at the first sign of easy money.
One last thing...make DAMN sure you are comfortable you have clear title to the property you are leasing. You would not believe what comes out of the woodwork at times like this. If there is a boundary dispute, it's your responsibility to prove ownership...landmen be damned.
Trust me...I know of which I
speak !
Good luck.
Posted on 11/5/14 at 9:09 pm to ElderTiger
Thank you Elder Tiger...is amazing the really good information I have gotten from the OT. Thank you all and may LSU kick the shite out of Bama this weekend.
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