Petro drilling near my neighborhood, need advice

[Great-Kazoo]

When you see gas prices at 2.75 or more, life is good

You probably see more return as the wells are on the property. Here they're 1+ miles outside town.
I know folks who have wells on property and just a % of( rentals around town) larger area. There's considerable difference return wise between them.

[ColoradoTJ]

But of course. When crude is 27.00 a barrel, the wells are not in production. Now when crude is at 140.00 a barrel, those wells never stop producing unless maintenance is needed. Right meow, the wells are not in production. You can buy a really nice diesel F-350 truck in ND right now due to the oil production crash and people going crazy with money, spending like it grows on trees.

Like you stated, a different situation all together for sure.

[Wulf202]

Good advice tj but for those of us who only own less than one acre it'd take 20 years just to recover the start up costs of the documents prepared by a lawyer.

[ColoradoTJ]

Good advice tj but for those of us who only own less than one acre it'd take 20 years just to recover the start up costs of the documents prepared by a lawyer.

If you don't mind me asking, what kind of start up costs are you looking at? Lawyer wise...

Not really how much acres you have, more so how the well produces. I have one well that is an embarrassment. Not sure it even barely produces enough to pay the electric bill for the pump.

[Wulf202]

Last time i did a personal living will it was $400. Trusts are going to be 200 ish? Review of the lease a min of $100.

I own 0.11 acres...

[sniper7]

After talking to Jim I think I'll just sell it and call it good. See if I can exclude the mineral rights in the sale of the house and keep the money coming if it is worth while.

quick question, though, I thought of calling them and asking for 20-22% and maybe a bigger signing bonus. Has anybody done that successfully?

[ColoradoTJ]

Last time i did a personal living will it was $400. Trusts are going to be 200 ish? Review of the lease a min of $100.

I own 0.11 acres...

We differ in price a bit, but that depends on what all that is included and detailed. My personal living will/trust was 1600.00. Now the oil/mineral right trust was 800.00 (and that was just a re-due cost of the original since it was more screwed up than a football bat). It is hard to estimate a cost for trusts. It is like having a gun trust. You can get a basic one for someone that needs something like that for 150.00 starting cost. Now I could be off base, but there are some serious collectors/enthusiast on this forum that probably would not have a 150.00 trust cost for having thousands of dollars in collectible weapons.

[ColoradoTJ]

After talking to Jim I think I'll just sell it and call it good. See if I can exclude the mineral rights in the sale of the house and keep the money coming if it is worth while.

Smart decision.

[Great-Kazoo]

After talking to Jim I think I'll just sell it and call it good. See if I can exclude the mineral rights in the sale of the house and keep the money coming if it is worth while.

quick question, though, I thought of calling them and asking for 20-22% and maybe a bigger signing bonus. Has anybody done that successfully?

You know Mister Douglas. This here is knotty pine. Cost extra for them

[Dlesh123]

After talking to Jim I think I'll just sell it and call it good. See if I can exclude the mineral rights in the sale of the house and keep the money coming if it is worth while.

quick question, though, I thought of calling them and asking for 20-22% and maybe a bigger signing bonus. Has anybody done that successfully?

Likewise, we did. 6 yrs ago had three companies competing for leases. So yes you can negotiate, probably not as much leverage at the moment, one of my leases expired last year on acreage, nobody beating the door down to re lease it.
landmen mess up occasionally. A company drilled two wells and only after producing for three months did they discover that the surface owners did not own the mineral rights. Was a recipient of a pleasant surprise, we had inherited the mineral rights and did not know it. contemplated the sharing of revenues of the well, but eventually decided that sharing in the potential refracking or horizontal drilling costs far exceeded my financial capabilities, and as it has turned out, wells did not produce very long.

These are all in the Greeley, Eaton, Pierce area.
For starting investigation, some oil and gas attorneys will give you a 30 min free consultation for some basics. It can get very complicated, quickly. For example only leasing at a specific depth range for oil and gas, a different lease with a different company for a deeper formation for oil and gas or different terms for the other formation.
Of course there could be other minerals as well in the ground besides oil and gas.

Good luck
PS, Jims advice is probably right on, get the best lease you can, sever the mineral rights in the land sale, and get a little to maybe a lot of play money for a while.