N Cass I have herd that they well pay up word of 400.00 a rod. One rod per 19 feet
Thanks for the info Ron, where did you hear this from?
Landman that's a friend he live in Midland TX
There are published rates at:
http://www.utlands.utsystem.edu
Click on Rate and Damage Schedule. Go to page 6.
This is what you can expect to receive. If they want a perpetuity, instead of the standard 10 years, then increase the rate accordingly.
Thanks Bart, that is all useful information.
Hey everybody, I'm completely new to this forum and group, but I have a question or two about mineral rights that, from what I can tell, you guys will be able to answer.
My dad was going through my late grandmother's papers, and stumbled across some correspondence between her and the governing body in charge of mineral rights in Lea County, NM. The most recent letter is dated in the late 90s, and the legal description of the location is "Lots 13 and 14 and the South 7.5 acres of Lots 11 and 12, Sec. 5, T-16-S, R-36-E Lea Co. New Mexico. Apparently my grandmother owned mineral rights at some point in time.
My first question is how do we, my father and I, go about finding out if these are still in my grandmother's name? Followed with, if so, can they be transferred to next of kin? I have no knowledge of the mineral rights world, and the help would be greatly appreciated. Thank you!!
William H
Hi William,
To verify mineral rights ownership is the same as verifying land ownership. You can go to the Lea County courthouse and research recorded documents yourself OR contact a local title company there and ask them to do that for you.
Then to transfer the mineral rights that would be done with a Deed executed by the executor of your grandmothers estate.
HTH N Case
If a person representing an oil company gets a renewal lease signed and promises prompt payment, is it unethical for them not to pay? We signed a lease six weeks ago and when I called to inquire I was told that they were "thinking" about whether or not they wanted to renew this lease. This is a Texas land man and a Lea County NM property. This is the first time that it has happened to us.
Judy, of course it is unethical and wrong but that irrelevant as to you are most likely just interested in getting the bonus, hoping they might drill and assuming they will pay royalty per the terms of the lease.
I try to thoroughly research each company before i sign the lease. I do not like how many landmen take a lease in their name and then plan to flip the lease at a profit, often times more than the landowner received.
On small deals, i take the risk but on larger deals i send a copy of my signature page marked as such with acknowlegement that i will send immediately upon confirmation that funds have been wired or i have sent the lease with a âescrow instruction letterâ whereby they are to hold the lease in escrow pending my receipt and confirmation of funds being provided with failure to provide within x days making the lease null, void and original to be returned to me immediately after that failure date. This provides hostory for any litigation that unfortunately might be necessary.
Sounds to me like they got your signature and are trying to decide whether they want it. BUT it is a contract which requires consideration for which by your pist they arguably have not privided.
You might want to engage a lawyer to demand thr immediate payment or return of the lease and release of same if it has been recorded.
I might suggest you post the landmanâs name, company he is representing that he is working for, county and abstract so the power of knowledge to others helps keep everyone honest.
Makes me think of the saying, âits easy to know when they are fibbing, their lips are moving.â
Good luck.
Thanks Mr Archer for your helpful information. I have checked with other family members that have an interest in the same property, and they also have not been paid. Kind of fed up here, so here are the names. The landman (woman) is Michel Ketter in Fort Worth and she is operating under the letterhead of B C Operating, Inc. in Midland, TX. I think B C Operating and Crown Oil are one in the same.
I have not heard of thm but now that you have shared their names, others can find them on this forum and decide how to deal with them. I am going to search now and see what i find.
I signed a lease with B C Operating a couple of years ago and received my payment without any problem. The landman I dealt with did not work for B C. I understand the company is heavily invested in by the the University of Texas.
These people had previously leased this property for three years thru the same landman with no problem. This is an extention of the primary term. Looks like things have changed in that length of time.
Has anyone had any recent dealings with Cobalt Operating LLC (Tyler Vaught was the landman for them) out of Midland? I have encountered problems in getting them to release a bonus check. Fortunately they do not have the original signed lease, only a copy.
Any royalty owners missing their march 2016 Paladin Energy royalty check?
Paladin paid late and the reason given was that the accountant was out sick. Nonetheless the check arrived.
Yesterday I got notice that Paladin Energy Corp filed Chapter 11 on 4/21/16 in the Northern District of Texas under case number 16-31590-bjh11. Let me know if you would like a copy of the package.
Carl, where is your acreage, like township and range. I have several friends in NM who could give you an idea of the going rates. Richard
I have some water rights available in Lea County, any Operators or Landmen interested and/or anyone with advise on leasing them or selling them would be greatly appreciated.
Is there any drilling activity taking place in Township 9 south, Range 32 east, Section 25: N/2, in Lea County.
Bill
Bill, no drilling taking place in 9S 32E Sec 25. There are two new oil permits (vertical) in Sec 1 and 13. One is Abo and the other is Penn (formations). These benches are producing horizontally in other locations and they may here some day too. For now, all conventional oil and gas going slow.