Producers 88 Lease Form Texas
Description
How to fill out Texas Producers 88 (8/99) Paid Up Lease Pooling Provision?
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FAQ
The best way to sell mineral rights in Texas is to use a qualified broker. A good broker will do two things: They will get your property in front of thousands of mineral rights buyers. They will guide you through the process to ensure you don't get taken advantage of.
Today, oil and gas leases have never been more complicated. To tell the truth, it is very rare that the ?standard? Producers 88 form is ever used as-is. The Standard Producers 88 grants essentially full access to a property's surface rights. It is for the oil company to improve the extraction.
If a lease is a "paid-up" lease, then the lease will remain in effect during the entire primary term with no further payments to the Lessor unless and until actual production of oil or gas is established.
The general rule of thumb for the value of mineral rights in Texas is 2x to 3x the lease bonus you received. For example, if you got $500/acre when you leased your property, you might expect to sell for somewhere between $1,000 to $1,500/acre if you were to sell mineral rights in Texas.
In Texas, Oklahoma, Colorado and Montana, mineral owners can own the mineral rights indefinitely and there is no way for them to passively revert to the surface owner. If a surface owner wants to own the mineral rights under their land, they must find and contact the mineral owners and offer to purchase them.