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  • From: DSanner106 AT aol.com
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] Moral dilemma
  • Date: Sat, 20 Sep 2008 22:27:19 EDT

I fully understand your dilemma, my grandparents debated a couple years
before leasing oil rights to their farm in Illinois, but the money paid off
the
mortgage and being depression survivors, not owing the bank a nickle meant an

awful lot. With the current state of our banks, I would be even more tempted
to take the offer. The idea that the govt. is stepping in and taking over
loans from troubled banks means you could be owing the Govt. your mortgage
payments rather than the local bank. Personally, I would sleep so much
better with
no mortgage. I would probably take the deal and gamble that they never show
up to drill.

D


In a message dated 9/20/2008 4:07:24 P.M. Eastern Daylight Time,
lynnw1366 AT hotmail.com writes:


I ran into a neighbor today, and he told me that all my neighbors have
signed leases for mineral rights with gas drilling companies. I'm
opposed to gas drilling (we should be investing in renewable energy,
plus they do a lot of damage to the property), so I've been blowing off
the reps calling me about leasing.

The neighbor tells me that people got $2,300 an acre for LEASING the
mineral rights (I think a 5 year lease). I have 42 acres...that's
$96,600 with a good chance that they'd never drill on my property. If
they do drill, I'd get something like 16-19% of the value of the gas.
Possible plus additional for a pipeline on my property. I had to buy out
my ex's share of the farm when we divorced, so I have a big mortgage.
That lease money would almost pay it off, and I wouldn't have to be
applying for jobs washing dishes. My gut still says no; I can't imagine
my beautiful hillside torn up, but it sure is tempting. My neighbors
think I'm the village idiot for not cashing in. What say ye all? Highly
principled or village idiot? Or both?

Lynn Wigglesworth
Tioga County, PA



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