Are there professional oil and gas managing companies for individuals to help over see multiple leases, payments, new DO’s etc rather than an attorney? I inherited a few leases that I don’t feel I can always keep a handle on and get the most I can get on a day to day basis. I have one company that my parents used for property taxes but they don’t do anything else other than that. I have used a very good attorney for some issues but that would be rather pricey for day to day operations… Does anyone do this type of service? Thank you for any points of view or recommendations…
There are managing groups that do that. Trust groups at banks have been known to do the oil & gas management (Wells Fargo, Frost Bank are two that I am familiar with). Several management groups exist. You will have to pay them a fee to do the work. It ranges from 6-8% plus an annual fee (last time I checked). You might want to contact the local state chapter of the National Association of Royalty Owners to see who the Certified Mineral Managers are in your state. www.naro-us.org. Also contact the board members in that state and see if they know who might be reputable folks. You need to make sure they are knowledgeable and reputable and have a clear document that states what they will do for you and what they will charge.
Thank you for the leads and tips I will do a little homework and see if that might be a more prudent way for me to manage these royalties. I just have a feeling a lot of what I don’t know and with how these leases were passed down could be managed better. I think some properties are not even on the radar and some not being remarketed and languish for years. Thanks, Kelly
If you want to learn how to do it yourself, it isn’t that hard. Seems overwhelming at first. Some basic organizational skills and some handy websites and you are pretty much up to speed for free. If these are in the family for years, you can honor your legacy and get on board pretty quickly. A lot of us were in the same boat. This forum is a great place to start. Mineral Help at the top is quite useful. There are some fairly inexpensive books that can help you get started. The Oklahoma Corporation Commission has some free booklets as well. Lots of us are willing to help you!
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