What is the name of your state? New York
Recently, the gas drilling companies have been moving into my area. They started out offering $125/acre for mineral rights. Then the price jumped to $1000/acre within 5-6 weeks. The headlines read "Modern Day Gold Rush". I own 100 acres of old farmland. I don't actually live on the land in question.
Does anyone have experience with the selling of mineral rights? I am looking for tips and pitfalls to watch out for as I deal with these companies. There is also a co-op of landowners in my immediate are that sticking together to get the best price. I plan to join up with them in the theory that there is stregnth in numbers.
I will most definitely get an experienced land lawyer to review any contract before I sign, just wanted to pick your brain if you have any usefull advice.
Thanks.
Recently, the gas drilling companies have been moving into my area. They started out offering $125/acre for mineral rights. Then the price jumped to $1000/acre within 5-6 weeks. The headlines read "Modern Day Gold Rush". I own 100 acres of old farmland. I don't actually live on the land in question.
Does anyone have experience with the selling of mineral rights? I am looking for tips and pitfalls to watch out for as I deal with these companies. There is also a co-op of landowners in my immediate are that sticking together to get the best price. I plan to join up with them in the theory that there is stregnth in numbers.
I will most definitely get an experienced land lawyer to review any contract before I sign, just wanted to pick your brain if you have any usefull advice.
Thanks.