Legal Question in Real Estate Law in Mississippi
oil lease property
As the owner of mineral rights for thirteen acres of land in Mississippi I have been offered
$100.00 per acre for a three year term to drill for natural gas by an oil and gas corporation.
I don't know the price or any particulars of the market. Should I sign the lease and
accept a check for one hundred dollars per acre ($1300.00). Thanks.
2 Answers from Attorneys
Re: oil lease property
This is a business decision rather than a legal decision. A lawyer can't tell you whether that is a good deal or not, since we don't have any information about the value of the land or of the oil. It would probably be a good idea to demand some percentage of the income as well as a payment for the drilling rights.
In any event, you should discuss this with a Louisanna attorney before signing any documnts.
Re: oil lease property
No. You hold out and ask for a percentage of what they make. If you have to set up a partnership with them, the so be it. The more they complain the more it is worth.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
