Ok guys I know this almost all about online stuff here at dp, but the members here are some of the smartest I have met on internet. I basically need some help, We have some land (75 acres) and have been told there is oil underneath it, we don't know how much or if it is infact true. We would like to rent the land out to a oil company to drill for oil and also rent it out to electricity company to use wind mills for electricity. The land is in a rural part of the state but some people in the area have been renting land for electric companys to sell electricity. I need help in finding a company to rent it for either one and or help on how to go about this. We own the land and owe nothing on it, we just pay taxes every year. We don't wanna sell the land just rent it out. If anyone can help me out or get me in right direction I would really appercaite it. Thanks.
why not contact an oil or electricity company about it? Or ask someone who already does it how they do it?
never thought about just calling a company, we asked one guy who lived out there and all he told us was the company contacted him. would I need a lawyer of some sort first before calling? I dont know what to charge or anything
You should definitely have an attorney present for meetings and stuff where you will hammer out the deal, so the company doesn't rip you off, which they probably will try and do. You wouldn't need one to contact the company and try and get a hold of the right person and possibly set up a meeting, though. As for the oil, that'll get you some big bucks.
research it, ask anyone you know who does it how much they are getting (if they want to tell you, even if it's a rough figure, just something to go on). Oil should bring a lot of money (if theres quite a bit then your basicly sitting on a goldmine).
will do thanks guys im gonna call a few companies and see and then i will contact a lawyer, i hope there will be lots of oil but who knows
Then again it will all depend on how deep that oil is, what kind it is, light or dark cude, trapped in sand or shale.
Get yourself an attorney and then contact them. Make sure you make a deal with them and don't get to greedy, don't settle for too little, but don't get greedy. What an oil company will do if you hold out for too much is make a deal with your neighbor and then drill at an angle to get the oil under your land. You only own something like 20 feet deep I think. Though you'll have to check on that stat.