Don’t immediately sign the document. Take the time to know what you are signing. Read the document and recognize what the company is trying to accomplish. Be patient with yourself because the document will likely be complicated, and take the time to consider your options. It is not uncommon for one person to own the land while another entity owns the mineral rights; therefore, educate yourself about your status as a mineral rights owner. Educate yourself as much as possible about your holdings in the land as well as about the company who is trying to contract with you. If there are other family members who have ownership rights, find out if they have received the paperwork as well. Try to keep everyone who might be affected by it involved in the conversation relating to the potential contract.
If you have interest in pursuing a contract or multiple contracts with an oil and gas company, prepare yourself for negotiations. Oftentimes, it is wise to contact a lawyer with knowledge in this industry who can consult with you about negotiation techniques and about the contract. Be wary of a single contract for multiple tracts of land because those tend to cause more problems in the future.