If you are trying to lease mineral rights in Bradford County Pennsylvania, chances are you have been approached by a number of landmen to lease. Bradford County PA has a large amount of activity in Oil and Gas currently with 10 rigs running and 76 active permits at the time of this writing. With a large amount of Oil and Gas activity comes a large number of landmen going door to door trying to get you to lease your property. If you’re considering leasing mineral rights in Bradford County Pennsylvania, consider the following before you lease:
If you get an offer to lease your property from someone who came directly to your door, this indicates there is a demand for your property. Our best advice is to ask for an offer in writing or record the verbal offer and then contact us. We speak with owners every day who received an offer and we can help you better understand the benefits of accepting the offer or entertaining other offers. You will rarely get the best price by accepting the first offer that comes to your door and we recommend that mineral owners talk with a few people before deciding to lease mineral rights in Bradford Pennsylvania.
The terms of the oil and gas lease you have been presented with are very important. Accepting a royalty percentage of 12.5% instead of 18% could cost you tens or even hundreds of thousands of dollars down the road. You want to ensure that you are getting the best lease terms you can possibly get when signing a lease. If you have been approached to lease mineral rights, we recommend asking to see all the terms of the lease in advance so that you know what type of deal you are accepting. Simply knowing the lease bonus amount is not enough. The lease term and royalty percentage are also important pieces of the lease agreement that will have a positive or negative impact in the future. We have an in depth article on lease terms which will help you better understand what these terms all mean.
Who is making the offer
Another important thing to consider if you have been approached to lease mineral rights in Bradford PA is who is making the offer. Not all offers are created equal and you want to know who you are working with if you decide to lease your property. Some companies find out that there are a number of operators interested in an area so they start leasing in advance. They do this because they can lease your property right now at a reduced price and then get the operators to pay a higher price in the future. As a mineral owner, you want to understand who you are leasing your property to and ensure they are going to actually drill on the property. If you’ve been contacted to lease mineral rights, we recommend getting in touch with us so we can help you evaluate the offer. Fill out the form below for additional information.