Wednesday, May 7, 2008

Well, we signed a lease on the mineral farm land

So, the meeting with my relatives and the lawyers yesterday was interesting, to say the least, but thankfully it was also productive. We came to a decision on the 3 offers and signed our leases today and sent them back to the company. Now, we wait, 30 days from now I will have a cashier's check for the initial land lease, yeah! From there, we wait until drilling begins, hope for the best and big royalty checks! :) I'm not getting my hopes up too much, I will feel very blessed with anything at all that we make off this land, and if all it amounts to is the initial land lease payment, I will be happy with that too.

Now, for the entertainment part of the meeting, as expected, several of my cousins had already signed the original lease offer we received about a month ago for a piddly amount and no option for royalties. Now at the meeting while seeing the other offers, they asked if they could switch lease options. Um no! They didn't seem to understand that they had signed a legal leasing document and there was nothing they could do about it. I'm sure they are kicking themselves about it now, but it was their own fault for jumping so quickly. That's not to say that if we had waited longer we might have gotten a better offer too, but maybe we wouldn't have either, so we made the best decision that we could with what we had. Hopefully it works out for us, but like I said, if I never get anymore than the original lease payment, I'm happy with that.


budgets are sexy said...

Congrats! Nothing like some entertainment and "Free" money ;)

finance girl said...

wow, congratulations!