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Step 1
Have your property surveyed for mineral content. Look under Natural Resources in the U.S. Government Offices section of your phone book for a geologic survey.
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Step 2
Separate the various types of minerals evident on your property. Instead of leasing the rights to all minerals to one company, specify which minerals they can claim. Have an experienced attorney help you. Also determine the length of the lease--two years, three years, five years.
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Step 3
Ask the local Environmental Protection Agency office about the need for an environmental impact report before proceeding with the lease of the property. A damaging report might force cancellation of the lease.
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Step 4
Ask about a signing bonus. Weigh the size of the bonus against proposed royalty payments. Getting money up front is an advantage if no minerals are found; a higher royalty rate is best when minerals are actually located.
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Step 5
Become acquainted with other ways to handle mineral rights. For example, you can sell the property but retain the mineral rights for yourself.
Comments
peterbmoorman said
on 6/18/2009 http://mineralweb.com/ has about 23 different articles relating to mineral rights ownership. Everything from oil and gas lease negotiating to royalty taxes to how to verify your production volumes.
superfly1995 said
on 5/7/2009 Give the guys at Royalty Clearinghouse a shot! They are on the ball! Great to work with! www.royaltyclearinghouse.com
peterbmoorman said
on 5/4/2009 Also check out http://www.mineralweb.com for more information on mineral rights.
eBaum said
on 10/5/2008 sorry, did not mean to post twice
eBaum said
on 10/5/2008 Additionally to the websites above, you can check http://www.uniroyaties.com, I know people that have been very satisfied with them and they have it right on their website, http://www.uniroyalties.com/testimonials.php, you can read more yourself and see if they will work as another offer. Better to have too many offers than too few... Good Luck!