We were advised by an attorney in Nov. 2007 to accept a very low offer ($250/Ac/ bonus) before any of the family knew about H.S. (we are out of state). Does anybody know if we have recourse against the attorney? It seems like his errors and omissions insurance (if any) might allow us to recoup a part of what we gave away. Can anybody refer an attorney for me to contact?
Phillip here is an analogy for you: Let's say you sell your house in 2005 for $100,000 and then find out in 2008 it is worth $800,000 for what ever reason. Who are you going to sue? In louisiana oil and gas leases for mineral estates have been negotiated for years even decades at an average of say $100-$300/acre. The oil companies made billions in louisiana over this time frame. Are all those land owners who let leases for the cheap binus money able to sue because they were short changed? Even when a company has knowledge of a well that has been drilled and logged and then goes out to finish putting their lease block together at the same prices they started at is probable not liable for anything but the royalties agreed to in the new leases. Many people have leased their land in negotiated deals for the same money are less then you, including professional oil people, do they have recourse?
As exciting as this is, we know that we have a responsibility to do this thing correctly. After all, we want the farm to remain a place where the family can gather for another 80 years and beyond. This site was born out of these desires. Before we started this site, googling "shale' brought up little information. Certainly nothing that was useful as we negotiated a lease. Read More