XTO stops leasing efforts in Marion County, TX. What now?
My family has mineral interest in 40 acres very close to the Louisiana Line near Smithland. Three of my elderly siblings were approached in late spring by a representative with Maverick Land Services in Marshall, TX. They were representing XTO. The landman went so far as to delivering the lease to my sister, along with a notary and a small check in exchange for her signing. The three that signed did so on a lease the other four siblings are very disappointed with. The terms were $150/acre and a 1/5th royalty with drilling at any and all depths. The remaining for siblings have entrusted me to handle our negotiations. We had been holding firm for better terms and the Maverick's landman has been generally unresponsive. Late last week, I called his boss and he told me that I will be receiving a letter shortly regarding the fact XTO has instructed them to quit all leasing efforts on their behalf. Is this in case, the fact? And, if so, where does that leave me and my family members? There are other energy companies actively seeking acerage and if XTO is no longer interested, I need to know where we stand in being able to lease. Can anyone give me some guidance? Thanks
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Replies to This Discussion
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Permalink Reply by Checkmateking on
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Lots of leasing has slowed down because of the meteoric fall of GAS, and of course non core areas will be the first to suffer. Just sit tight and wait for winter, the shale isnt going anywhere. :)
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Permalink Reply by Tedford Williamson on
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October 12, 2008...\
The Beaird, George Well 03 is four miles northwest of Karnack in the Woodlawn Field. NFR Energy, completed the well to 11,035 feet. On a 48/64-inch choke, the well potentialed 250,000 cf of gas. Produciton is in the Cotton Valley.
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Permalink Reply by Frank Lytle on
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If you didn't sign anything, you are free to lease to any party that is willing to take a lease. From a practical point the ownership breakdown on the tract that your family leased and you leased to a third party would be a split of the working interest to the Lessee's and whatever the differences are in the two leases.
Frank
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Permalink Reply by Tedford Williamson on
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Thanks for the information!
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