landowner

So what do I do now?

Hello, I'm finding some very good info on this site, but every new fact creates more questions. We have 10 acres with min. rights in Caddo Parish. I have the property location and all related info. I have received a number of offers to buy/lease mineral rights and I get many many hearing notices related to activity from Goodrich Petroleum in the "Bethany-Longstreet Field" area.
What do I do? There has been no lease agreements in effect since the early 80's and no money received since the early 90's. The land has made no money for us and the taxes are paid up to date.
Now I have contacted Goodrich Petroleum and they do admit to owing us money, how much at this point we/they are unsure. How do I find out who else is drilling near-by and might owe us money or future money? Any help would be greatly appreciated!! Trying to do this right, for my Mother and Family.

Tags: I, So, do, now?, what

Views: 89

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landownerPermalink Reply by Henry on July 9, 2010 at 7:28
Erik,
If you don't mind, can you post your section, township, and range?

landownerPermalink Reply by Erik Backer on July 9, 2010 at 9:45
Sent you a friend req Henry. I'll pm it to you. Wasn't sure if I should put that info up here..Thank you!!, erik

Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on July 9, 2010 at 7:45
Eric, be careful dealing with Goodrich and do not deposit or cash any check they may send you or a family member. It is likely that if you accept payment from Goodrich they will assert their lease rights under an old lease which should have terminated for non-production or less than production in paying quantities. What you want is a new lease at current market terms for bonus and royalty. The amount of money at stake even for a tract as small as 10 acres is sufficient to warrant the services of an experienced O&G attorney. In fact I suggest that you cease communicating with Goodrich now and do not do so again until you have had a competent O&G attorney review your mineral estate.

landownerPermalink Reply by Erik Backer on July 9, 2010 at 9:32
Skip, Thanks for the info and warnings. I'm definitely going into this with my caution lights on! I'm not signing or accepting anything in haste. It would be par for the course I'm sure that big companies would stick it to the little guy. It sounds too from Dion's post that I have my work cut out for me. Have you worked with either Lake Hearne or Ken Hickman? Ken has handled the last few transfers from Grand Dad to Dad, then Dad to Mom. Lake is an attorney who spoke with me last week and gave me some free advice and a path to start on........Thanks for your reply,,,,,,,, erik

Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on July 9, 2010 at 9:34
There are two Lake Hearne's, with which firm is your Lake affiliated.

landownerPermalink Reply by Erik Backer on July 9, 2010 at 13:11
W. Lake Hearne with Cook Yancey in Shreveport. He seemed very friendly and very helpful

Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on July 9, 2010 at 13:19
Yes, Mr. Hearne should be able to help you straighten out your ownership interest. As Two Dogs has pointed out, it appears quite likely that the wells producing in your section are holding in force an existing lease.

Oil & Gas ProPermalink Reply by Two Dogs, Pirate on July 9, 2010 at 13:53
Skip it was Dion but I would have given Erik about the same answer, it would have just been a shorter answer. Dion probably doesn't have to look at the keyboard to type.

Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on July 9, 2010 at 14:03
LOL!!!!!!!!

Oil & Gas ProPermalink Reply by Dion Warr, CPL on July 10, 2010 at 9:53
TD:

I call BS. But I am up to a full six fingers / thumbs (and pinkies for the shift key) in my hunting and pecking.

It may be a character flaw, but I have been accused at times of telling someone how to build a clock on the way to giving them the time.

My apologies if any of you find yourselves rubbing your eyes on the way down to the bottom of some of my posts.

Oil & Gas ProPermalink Reply by Dion Warr, CPL on July 13, 2010 at 12:29
TD:

Apologies to you for any offense that might have been taken; I just reread my above post, and saw how you might take offense by reading it cold. I'm calling BS as to my typing ability (none; hunting and pecking ability constantly improving), which does nothing but lend complication my ability to post (sometimes needlessly) verbose responses.

I have every belief (no BS) that you could conveyed the same message much more succinctly. But hey, that's me.

Oil & Gas ProPermalink Reply by Two Dogs, Pirate on July 13, 2010 at 12:58
Dion, my brain and fingers don't connect to each other, they go through my eyes to connect. My thumbs are only used for the space bar, I don't use two many fingers. You are one of the top posters on GHS in my book of posters.

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