My dad owns some land that some oil lease guys are after and we don't know what to do.
No one in the area trusts the oil lease company. They make a mess, leave a mess, and we have talked to several people who say that they think the oil company is stealing their part.
Our options are:
Do nothing. Just keep doing our thing.
Lease to them with a guaranteed contract where there is a good payout regardless of oil production. We have a neighbor who got a pretty sweet deal doing this over the next 5 years.
Lastly,(and this sounds kind of crazy) have wells drilled, buy equipment and get in the oil business. We know nothing about pulling oil out of the ground but we talked to an oil guy the other day who said it is not that expensive or hard to do. He seemed to think we could get a couple of wells dug and up and pumping for less than 40k.
I guess I am looking for someone to either talk me into or out of the last option. So if there is anyone out there with any experience or ideas, I could use them.