How would I find out if a Texas company making an offer is in good standing and has no complaints filed against it? Thank you
This can be a complex search if you go through the public records process. Best to post the company here for feedback. That may help you get started.
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I had thought about that but don’t want to cast aspersions on someone’s company. Thanks for response.
You will most likely find a wide range of opinion as well as other potential options. You will also help other forum members with the information. Most reputations are earned.
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Assuming you’re talking about Custer county interests, you can always look on oscn.net and see if they’ve ever been sued, or have sued a prospective seller/lessor.
An oil and gas attorney can definitively give you that answer. Definitely worth the money.
Thank you both for your information.
I’m helping a family sell their mineral rights, because no family member wants to inherit them. The family members are in their 70’s and 80’s. We got an offer from Duck Creek Resources. Are they an honest company?
They do not seem to maintain a public website. The lack of an internet presence is not an indicator of honesty, but it may indicate their business commitment.
Take the time to develop a divestment strategy that is proactive and not based on these companies contacting you. Test any offers. Long closing periods will generally indicate they do not have the funding or they are looking to broker your property. If they lower the price based on information you provide, consider walking away since this is akin to bait and switch. Watch for a PSA that requires everything of you and minimal of the Buyer. Good luck to you.
All minerals buyers will only buy if they expect to make a profit. It depends on what you mean by “honest”? Just that they will follow through and pay the agreed price? Or are you depending on them to tell you what the value is and what the maximum price that they will pay? Minerals are sold by negotiation, like other real property assets. Mineral owners can sell on an auction site to reach the maximum number of buyers who will compete in bids, which will have an associated cost to the owner. Sort of like using a RE broker to list and sell your house. Or they can sell in a private transaction to a minerals company, so that the owner does not incur costs, but needs to know the value to be able to negotiate.
Whats an honest buyer? Same question could be asked about leasing and operators drilling wells. Some of the largest private equity mineral buyers in the US over the last 10-15 years have gone out of business and funds rolled up due to the prices they paid at the time, the notion that the mineral buyers on here know all is dishonest information in my opinion, all you have to do is look at the numerous pros that have gone out of business for proof. An honest buyer is someone that pays you on time, point blank. Nobody can predict the future and what happens to that company’s business model, just like nobody can predict what your minerals will produce/price of production when your minerals are producing if you hold on to them. My rule of thumb is, if the offer is much higher than previous offers, sell 1/2 and hold on to the other 1/2 to see where the ride takes you, jut my worthless 2 cents.