A friend of mine received a letter from Tejon Royalties, Shreveport. It contained a bunch of misleading/strange information. 1. It said specific people were paid that had not been paid. 2. It offered an outrageous sum of money for mineral rights purchase -- about $28,000/acre (of course it said up to). 3. A tug at the heart strings ( you can't take it with you). 4. Lots of oversized fonts, caps, bold print, underlines and highlights.
Does anyone have information about this company?
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Have informed them they are changing it. GET BACK TO LAND WORK.
George, you informed them? And, they are changing it? Please be more specific. Are you saying that Tejon Royalties is changing the form of their offer letter?
They are revising their letter. He told me it has worked like this for 6 years. They will revise some of it, but Bill thought that it was funny, because it works for them. He said that they have become so popular by word of mouth that it really doesn't matter. He said other companies are jealous of what they do and how they do it. I agree with him 100%. He said land men need to do their job and quit worrying about him. I agreed with him. My family and others are very happy with their work and their honesty. People need to work and not worry about what others do. Bill said they can call him if they have issues. If not they need to get a life.
CALL THEM IF YOU WANT TO KNOW ABOUT THEM.
George, you know that "professional' or "non-professional" is a subjective term. You know it's a personal determination. So here for the members to decide for themselves is a copy of the Tejon offer letter. The person receiving this letter owned less than 2 acres.
The letter is a general letter. They don't know what anybody owns. CALL THEM. They will give you a quote over the phone.
It's a general "fishing" letter. My clients receive them semi-regularly. I think that this a good point in the discussion to remind GHS members of the recently passed law governing letter offers to purchase minerals and their rights.
Effective May 19, 2016, Act 179 of the 2016 Louisiana Legislature, the “Sale of Mineral Rights by Mail Solicitation Act” (Louisiana Revised Statutes 9:2991.1 et seq.) was passed and signed into law.
Act 179 was designed, according to its comments, to regulate certain transfers of mineral rights that place landowners and others at risk of exploitation, i.e., transfers initiated by offers transmitted through the mail accompanied by a form of payment (e.g., a check or draft). The thinking is that these offers may induce an owner to sell mineral rights without understanding the consequences of the transaction or for a price far below market value. This legislation was a reaction to allegations that unsophisticated land owners were taken advantage of during the recent Haynesville Shale boom, by mineral and royalty buyers (mainly one company), who solicited minerals and royalty via mass unsolicited mail-outs checks included. Often these solicitations sought the purchase of all or a portion of an owner’s mineral or royalty interests in a broad area, enticed the owner by including a nominal payment, and included language appointing the buyer as the seller’s agent for the execution of any curative necessary to vest title in the buyer. In normal real estate transactions, sellers have the remedy, under Louisiana Civil Code Article 2598, of seeking rescission of the sale for lesion if the price is less than one-half (1/2) of the fair market value. Given inherent risk and uncertainty as to value, under Mineral Code Article 17, lesion does not apply to the sale of mineral rights. Because of that, the Act’s comments further indicate that it was felt that the owners had relatively little protection under existing law. In 2013, similar legislation was introduced, but was defeated, as it was much broader and more problematical (e.g., it would have applied to mineral leases). Instead, the matter was referred to the Louisiana Law Institute, which drafted Act 179.
Under Act 179
Act 179 potentially affects not only those buying minerals and royalty, but others, including those taking leases. It is difficult to predict the unintended consequences that may arise. Here are a few of the tips you should consider when buying minerals or royalty or taking leases:
They gave us a copy of this. They give this to all the people they deal with.
Since you state that "they give this to all the people they deal with", do you know that because you work for Tejon?
WTH no are you stupid. I'm done with this foolishness. You people obviously don't work.
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And George - you don't probably even know what you got screwed out of.
Yes, Hugh Ilgenfritz is quite bright about the oil and gas business and he uses that to his advantage. Believe me, you didn't get what you think you got. He got something through the back-door which is totally unethical - but the way he works.