Experts at Michigan State University remind you to proceed with caution before entering into a contract for mineral, oil, gas or wind rights. They say the best thing you can do is to consult an attorney before signing any agreement.
Apparently, a number of farmers and landowners are being approached by oil and gas developers to lease their land for oil exploration, and others are receiving offers for mineral rights — sometimes in the form of a letter that does not contain a formal lease agreement to review. To avoid this and other potential traps, check out the MSU extension oil and gas web page that contains additional information and resources for property owners.
Click here for more information.