How should I approach amending an oil lease

Oil and Gas Leasing Help
1

We are wondering if we should pay an attorney to write an ammendment and add addendums to the lease offer we received, or should we call the broker with our requests before seeking out the attorney?

2

Peggy, I would contact the broker first and attempt to amend this lease. You will need to work with them on the amendments. I would only contact a attorney if there is a problem you can’t work out.

3

Peggy, How versed actually are you regarding what terms/provisions you actually want to/can have amended? Far too many people end up shooting themselves in the foot by deciding to save themselves some pennies on the legal fees while loosing untold thousands by signing an unfavorable lease.

4

I am not well versed at all, and I do feel that I am going to have to have an attorney at some point, at least to look over the lease before signing. Wht I am actually wondering is if I should call the broker and tell him what I want changed and see if he will go for it, or if we should have the ammendment done with an attorney and present it back without talking to the broker. We were trying to save the $250/hour by talking to the broker and changing as much as we could with him before going to the attorney, but I do not want to lose more because the broker is not willing to change something that we might have been able to change if it were presented by an attorney.

5

Dear Ms. Parker,

Working with a broker who is not representing you can be dangerous.

For example, he will be using clauses authorized to be used by his client, and he may use them without any of the business considerations that are critical to drafting effective lease agreements and they may not contain all of the appropriate or necessary lease provisions.

Each provision should be carefully vetted and adapted to the circumstances surrounding the particular transaction and the parties' relationship.

What you need is someone in your corner.

6

Buddy,

Thank you so much. That is exactly what I needed to know. We will definitely be looking at an attorney. I appreciate your help.

Peggy

Thanks to the other repliers as well. I appreciate all input.