Landowners in many parts of the US are sitting on top of a fortune without knowing it. There are large deposits of natural gas stretching from the suburbs of New York to West Virginia and in parts of Indiana and Texas. Rising prices have made these deposits valuable, and improved technology has made it possible to tap them.
'Landmen,' persons who obtain mineral rights for companies are on the prowl getting unsuspecting people to sign over their rights for as low a price as possible. Many landowners have been conned into signing over the rights for as low as $5 an acre and 12.5% royalties. Others who held out or formed bargaining groups have ended up getting up to as much as $2,400 an acre and 15% royalties.
Some lawyers have started campaigns to educate landowners about mineral leasing. They are advising landowners not to be rushed into signing documents and also about the kind of leases they should enter into.