Replies to This Discussion

Permalink Reply by tony allen on May 11, 2013 at 15:21

Sandra,

You are in a very good area for leasing and Mr. Sanders can probably give you more info. That offer seems a little low. I think most in the area are getting 25% on the LA. side. You are also in the 3D shoot. Good Luck!

Permalink Reply by Aubrey C. Sanders, Jr. on May 12, 2013 at 5:50

Sandra,

I think that the offered lease terms are too low. You did not identify what company made offer. I would guess Whiting or their agent, Miller Land Resources. I am somewhat surprised that this land has not been leased. I believe you are in good location.

I would strongly urge you to retain a good attorney. It should be money well spent!..

I don't like a 4 year lease {too long} or 20% royalty {should be 25%). Would like to see $350-$400 bonus.

Good luck to all of us in that area!!!

 

 

Permalink Reply by Andrew on May 17, 2013 at 4:14

As Aubrey said, if you hire an attorney make sure to hire one who knows oil and gas issues well. Not all lawyers are created equal; some will have more knowledge in certain areas than others. 

10 things worth paying more for.

Permalink Reply by XAM on May 17, 2013 at 9:14

Listen to Sanders, do not sign. 

Permalink Reply by Eric Polansky on December 20, 2013 at 3:07

Good morning Sandra , I hope this all worked out for you and your family. Myself and my family (Kimbell family)are your neighbors over in township 21 range 6w , basically just wanted to introduce myself and say hi , we have not had any offers of any sorts but was wondering if you have a good Landman referral and or company that you would suggest in that area? Any kind of info would be appriciated thank you and Merry Christmas :-) Eric Polansky

Permalink Reply by Skip Peel - Mineral Consultant on December 20, 2013 at 3:32

Eric, its not a good idea to go soliciting a lease.  That's not how the process works.  It's better to wait until you are approached with an offer.  If a company is interested in exploring an area including your mineral interest and your ownership is evidenced by instruments in the public record (deeds and such filed with the Clerk of Court) they will find you. 

Permalink Reply by Eric Polansky on December 20, 2013 at 4:01

Hello again Skipp "whew" thanks for that info , situation is : the land has been in family for generations and our generation just inherited it and as we know it none of our elders have ever considered this opportunity. It was tossed to the side . I was talking with a geologist friend of mine that triggered my interest in this opportunity ,so I'm new to all this . With that being said I greatly Appriciate your responses past n present . I have hired an attorney this week (knowledge acquired from this site ) we will see how far the roller coaster goes ... Thank you Skipp

Permalink Reply by Skip Peel - Mineral Consultant on December 20, 2013 at 4:10

I'm confused, Eric.  Exactly what opportunity?  Have you been approached with a lease offer?  That would be a reason to hire an attorney (if that attorney is an experienced O&G attorney), most are not. 

Permalink Reply by Eric Polansky on December 20, 2013 at 4:39

Sorry for confusion , i was told we own them (family)but I tried to get the actual mineral rights from public records but live in New Mexico staff down there said it's not in computer from 1977 on so have to search index cards to gain copy . I got an attorney because I kept running into dead ends w public records dept . So she is contacting a title co. And Landman to obtain the deeds , rights etc making sure they are true and correct . Like I mentioned this land was pushed aside for decades . Gotta get it current and up to date

Permalink Reply by Skip Peel - Mineral Consultant on December 20, 2013 at 4:48

Good idea, Eric.  All families who own mineral interests should have a file of all the pertinent documents recorded in the public record.  A search should reveal any missing links in the chain of title and provide an opportunity to correct them.  Along with making sure the chain of title is complete and unclouded, mineral owners should learn to access the state database in order to follow activity in the vicinity of their minerals.  Good Luck.

Permalink Reply by Eric Polansky on December 20, 2013 at 4:44

Not yet sir but educating myself so far

Permalink Reply by Eric Polansky on December 20, 2013 at 5:16

Thank you , I have a feeling I'm Gona need some luck Skipp! Just trying to get this sorted out and ready for the Landman when he does call. According to my google maps and geologist there's a demand for fresh soil down there . Merry Christmas to ya and thank you again I will keep in touch sir