And I have no idea what I'm getting into. I'm twenty one years old and will soon take control of 5 or so wells and some acres. Can anyone recommend any literature for me to read?
What state?
I prefer to remain anonymous right now until I get the hang of the site.
There is a lot of great information on this site. Many state and county groups also with more local information.
Welcome to the Forum.
Place your cursor on the "MINERAL HELP" tab at the top of the page and choose. These will introduce you to some of the basics.
Place your cursor on the "GROUPS" tab and select "COUNTY GROUPS". Locate your state and county and click on it.
Enjoy.
I understand wanting to be anonymous, but announcing a state gives nothing away. Either way, totally up to you. Laws regarding minerals and royalties differ from state to state, hence Nancy's question. And Nancy is also correct in there are lots of great resources in the county groups area. Best of luck.
Thank you Nancy and Texas Tea.
You don't have to worry about anyone on The Forum. We're just a bunch of Do-Gooders.
The first question that popped into my mind is whether you were inheriting Working Interest or Mineral and Royalty Interests.
Working Interest is where you Operate the Wells - you are the "Oil Company". Mineral and Royalty Interests are where you only negotiate Leases and, hopefully, receive Royalty Checks.
In order for anyone on The Forum to send you any information or suggest any websites or people to contact to you, we need to know which.
Hope this helps -
Charles Emery Tooke III
Certified Professional Landman
Fort Worth, Texas
Dear Male,
Your best school of learning, and it's not as simple as reading "any" literature, is to make use of this forum and ask questions ... many questions. What will you learn through the Forum? What you will learn is like the Blue Hole in Wimberly TX ... unfathomable!
Furthermore, you have a ways to go before you learn what it means to "take control." You will have to first understand what there is you want to control. You will want to be in the driver's seat. That would be a "good" beginning.
We are ALL here to help educate you. Stay clear of the "snakes in the grass."
Good luck,
Pat
Join the NARO (www.naro-us.org) and go to their meetings. If your property is in TX or OK, they have fuel your knowledge meetings and you will get a lot of great information. Plus they have wonderful books that gives you the answers to most of your question.
You may also want to hire a manager for a couple years to learn the ropes if the wells are good.
Follow up on Virginia's advice, i.e. contacting NARO. It's an organization that has chapters representing all O&G regions.
General info w/enough specifics to be helpful wherever you are can be obtained through Penn State's Marcellus Center for Outreach and Research (MCOR). Simply Google even if you're not in Marcellus territory. Publications are free.
Both organizations exist to serve Oil & Gas rights holders, and have informational meetings.
NARO's sole purpose is to educate the mineral and royalty owner. As such, the National Organization, the Foundation plus the State or Regional Chapters are all tax exempt entities. If you have questions concerning NARO please feel free to contact me. I'm a long term member and have served on the National Board, the Foundation Board and the NARO Texas Board.
Texas A&M Real Estate Center has a lot of great resources about leasing and mineral management--lots of free brochures and booklets. Judon Fambrough is an excellent writer.
Agreed big difference it what kind of help you need
bc
You probably need to get an atty
You may want to look at a oil & gas glossary so you can better understand what it means.