Replies to This Discussion

Permalink Reply by Kay DS1 on November 22, 2008 at 3:31

We leased, signed and received our bonus checks back in August. NEVER took anything to a lawyer. One of the cousins is married to a Oil and Gas executive, and looked over the lease. If you know what you are doing and are INFORMED, you need not go to that extra expense. Get all the information you can and make a decision based on what you and others learn. It is not difficult. Good luck eveyone..and happy drillling!

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Permalink Reply by Bobi Carr ("parker") on November 22, 2008 at 4:32

Kay,

Do you understand ALL of the ramifications of the lease that you signed. I doubt it. I am perfectly able to negotiate a good deal for myself. I also have spent an unbelievable amount of time trying to educate myself, but there is no way that I am going to sign a lease that has not been reviewed by my attorney.

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Permalink Reply by Grice on November 22, 2008 at 5:38

Kay, I hope things work out for your best interest. However, it may be awhile before we see the full results. If your opinion should happen to change, at least you will have years and years to voice your concerns.

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Permalink Reply by Kay DS1 on November 22, 2008 at 7:09

I did get the best available advice, don't get me wrong. My cousins were the first to sign on this property and, over the last 75 years have had a close relationship with another family, whose sons were attorneys. They (my cousins) had the best legal (personal) advice and we just followed suit. We had pugh clause and owned the deep depth rights. We got a five figure amount per acre, 25% royalty, and 3 year--no opinion. Now, this was in Desoto Parish. Our land in Claiborne Parish may be another situation. We are not so lucky with legal connections on that property; however, they are testing for oil, not gas in that area now.

And, yes. I do understand all the ramifications of the lease. I would not have signed if I had had any misgivings or misunderstandings. We have been leasing for decades for the shallow rights, so I have read, signed, and benefited from many legal agreements.

I would NEVER encourage anyone to sign anything without legal advice. I KNOW we did the right thing and the company represented itself in a professional, above-board manner. I have no misgivings....EXCEPT...WHEN DO THEY DRILL!!!!!!!!!!!

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Permalink Reply by Grice on November 22, 2008 at 7:33

So, you did have the advice of an attorney, just not directly, and you did not have to pay for that advice. That is a horse of a different color.

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Permalink Reply by Kay DS1 on November 22, 2008 at 8:14

VERY indirectly and fifteen months passed between the two occurences. My cousins' husband is a very knowledgeable O and G man and he made sure all the t's were crossed and the i's dotted. He is the one we put our trust in, not the attorney. I don't even think he knew we were signing when we did. He still may not know.

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Permalink Reply by Bobi Carr ("parker") on November 22, 2008 at 9:05

Kay,

I stand by my original advise. EVERYONE, needs to have good legal advise. Find a good attorney and protect yourself.

I have signed leases in the past also. I thought I knew everything, but I was wrong. I didn't make any serious errors, but did much better with the lease that my attorney reviewed.

I feel that for the minor expense, it is worth it. And as someone else elequently mentioned they never had the money to spend on it at the time of a lease and it was always money well spent.

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Permalink Reply by Kay DS1 on November 22, 2008 at 9:46

That is your choice. Mine was excellent also. I would never tell anyone not to use an attorney. I (we) just didn't need one. No remorse here, or regret either. Good luck everyone.

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