Hello folks, I just signed up to this site, I’m hoping to get some information, maybe make some contacts.
I am an owner of 50 net mineral acres in Montague Texas -- the acres are near Bowie, TX.
I just received a letter from a landman on behalf of EOG. They want to lease the mineral rights -- but they have not made an offer yet. In fact, I have not called the landman back yet. I will once I know what I'm dealing with.
If anyone has leased, or is currently about to lease, in Montague, perhaps near Bowie, would you be so kind as to private-message me some details about what to expect in my offer, and perhaps how to know if the offer is low or if its decent?
I'm an OK negotiator. But I really know nothing as to the value of the mineral rights. I am currently researching this with my brother, whom I own the mineral rights with. Unfortunately, both my brother and I have very tough schedules ahead of us in our respective jobs here in Los Angeles. We may not be able to make it out to Bowie for a while.
I have been reading a lot of information here and on other sites, but I haven't found much in the way of what to expect in Montague, specifically near Bowie.
If you have some general advice, that would be great, too. You can just post it here in the discussion, I suppose.
Thank you all for reading, and I appreciate you taking the time to help.
Justin,
Also, if you have not already, visit the site www.mineralweb.com You’ll find lots of good educational articles there specifically on mineral rights, leasing, etc.
I’m sorta in the same boat. We were just contacted by a Landman on behalf or EOG telling us we had 100+ mineral acres (mineral only) near Bowie. Looks like its getting busy up there. They say they actually want to “put a rig” within the next few weeks on this property, are researching other heirs and will send over and offer next week. They also said some layers are doing some stuff too.
I’m wondering. What should we look for. What is the current offer like around there? Is a Pugh clause relevent if you only own mineral rights? blah blah. They are looking to lease I think and not buy. They said Oil and Gas.
Get a Lawyer ! Don’t trust there Lawyers .And very hard to find one that honest’ have to go out of Montague County.The lawery needs to be in oil &mineral rights .
We have been contacted by a landman, but can’t seem to find any info online regarding him or the company he works for…Barnett Exploration Inc. Any info on how to check out if things are legit - and still wondering what offers to consider. We are at 40+ acres and have been offered $500 signing w/ 3/16 royalty.
Kenny DuBose said:
Justin, Have things progressed with EOG? I own minerals near Bowie, and am talking with Pioneer Resources who is active in this area.
Be Very carfull there are a few good Lawyers BUT VERY FEW you need one !!!
Jo Saban said:
We have been contacted by a landman, but can’t seem to find any info online regarding him or the company he works for…Barnett Exploration Inc. Any info on how to check out if things are legit - and still wondering what offers to consider. We are at 40+ acres and have been offered $500 signing w/ 3/16 royalty.
Kenny DuBose said:
Justin, Have things progressed with EOG? I own minerals near Bowie, and am talking with Pioneer Resources who is active in this area.
Your mineral rights are of great value they just don’t look for you if it’s not to there best interst ’ this is bus.and there is a lot in it for all BUT you need a Honset Lawyer from another county that will pratice in montague county you could also call the D.A in the county or states att. in Taxesfor help
Justin have you looked up the acronym for EOG!!! might be a good thing you will find out a lot.
thompson said:
Be Very carfull there are a few good Lawyers BUT VERY FEW you need one !!!
Jo Saban said:
We have been contacted by a landman, but can’t seem to find any info online regarding him or the company he works for…Barnett Exploration Inc. Any info on how to check out if things are legit - and still wondering what offers to consider. We are at 40+ acres and have been offered $500 signing w/ 3/16 royalty.
Kenny DuBose said:
Justin, Have things progressed with EOG? I own minerals near Bowie, and am talking with Pioneer Resources who is active in this area.
EOG offer on our table… if oil for you, we have roughly 40acres 1000K acre 25%royalty … the oil companies always start out low… had a family member on other property signed up for way less… did not have a lawyer and is on a contract that they may not be able to get away from about a 4-6 million setback over the life of the well… so get a good lawyer too…
I have 19 net acres out of about 120, two miles nw of Bowie, are they still offering 600 to lease with 3/16th ? , also, what are they offering to actually purchase the minerals. ? $ 1000 a net mineral / more ?
Medic44 said:
EOG offer on our table… if oil for you, we have roughly 40acres 1000K acre 25%royalty … the oil companies always start out low… had a family member on other property signed up for way less… did not have a lawyer and is on a contract that they may not be able to get away from about a 4-6 million setback over the life of the well… so get a good lawyer too…
Do you mean stay away from EOG? if so why? we have a good offer at the table from them and they have the best drilling record. Also when they sign a lease they drill usually within a short period… they told us they would sign w/ a one year lease to drill within the year… what have you heard? thanks
thompson said:
Get you a GOOD Lawyer & stay from EOG also there are other oil companies out there that will treat you better !
You shouldn’t speak badly about a well established company when you can’t even take the time to write out a readable post.
To the original poster: I would follow some of the other posters advice and find a lawyer well versed in mineral rights.
thompson said:
Your mineral rights are of great value they just don’t look for you if it’s not to there best interst ’ this is bus.and there is a lot in it for all BUT you need a Honset Lawyer from another county that will pratice in montague county you could also call the D.A in the county or states att. in Taxesfor help
I am a minerals and landowner in the eagle ford condensate window. At present I am surrounded by several large oil companies , some are actively drilling. I have been approached by my leasee recently with two amendments he wants us to sign, now, right away, today, to change the present lease, which will expire in less than 2 years.
I am suspicious that this maybe a tactic to extend or eliminate the primary lease deadline. There is a shortage of rigs, crews , little or no infrastructure until nov 2011.
I have also been contacted by EOG as off a month ago. I am in the same boat as some of you guys as far as knowing what is fair value for my lease in Bowie, Texas. Has anyone found a good lawyer yet? Any help would be appreciated.
In view of the fact these messages are well over a year old, maybe if you click on the "groups" button, click on county groups and then find Montague County in Texas. That group has over 40 members and you should find a wealth of info there.
Yours,
Wes Luke
Covington C. MacNair said:
I have also been contacted by EOG as off a month ago. I am in the same boat as some of you guys as far as knowing what is fair value for my lease in Bowie, Texas. Has anyone found a good lawyer yet? Any help would be appreciated.
I sincerely hope you're paying a lot of attention to other things in the lease besides bonus and royalty. You can lose many thousands of dollars with processing, producing, delivering of your minerals. Never mind that little clause that says you warranty deed. All those pesky details that the average bear doesn't have a clue about. How do I know? I have one of those leases that is eating my profits at every turn. Too bad I was ignorant when I thought I knew what I was doing. Have a great day.
