I inherited working interests in New Mexico. Since Conoco-Phillips sold to Hilcorp the costs have escalated and the income is almost nil. How do I get out of this mess? What happens if I just quit paying the costs?
Talk to Hilcorp and see if they will buy it. Tell them you are not happy with their operating expenses and the lease is uneconomical.
Is there any other way via a lawyer to get out of a mineral interest?
I think you need to provide a little more information. When you say “mineral interest”, do you mean actual owned mineral rights? If so, there are plenty of mineral buyers out there.
But if you mean a contractual working interest, as the OP referenced, then it could get more involved. You will have rights under your Joint Operating Agreement, or JOA which will lay out how you can exit. Typically, you would be able to surrender your interest by pre-paying your share of the abandonment costs.