I have gotten 2 offers to sell oil rights (just one property and do not own land) and have a sales agreement that was drawn up already but want to make sure is viable before signing.
I was hoping to find a Pro Bono lawyer to look this over as I am on SS with very little money,
I have been given advise to make sure that the agreement for sales does not include “Catch all” Language, for example, " including but not limited to" or “all right title, in Leon and Freestone counties”.
Many stories of people getting ripped off due to this type of language added in their sales agreement and taking ALL of their oil rights and not just the ones wanting to sell.
I appreciate any referrals thanks. ASAP if possible.
Freestone County is a “hot” area for a deep gas play in which multiple large exploration and production companies are involved in leasing and drilling new wells. It may not be a good decision to sell your mineral interests right now. Do you know the location of your mineral rights? What surveys they are in?
I have done extensive research and talked with 2 Brokers, they said my particular area has had dried wells for years and are not likely to ever drill again. The other NMA’s we have are by the county line and are much more valuable, so I am hanging onto those. I have heard that this was going on so it has been a hard decision. All these years we have never received any money from the “supposed” drilling, except for lease money, and hopefully that will change, but no one seems to know when all this is going on in these “hot” areas.
So, even though you will make money off this transaction, you don’t think the lawyer who will take up his/her time to protect your interest is entitled to be paid? In fact, you want them to drop what they are working on to help ASAP?
I would also like to add that last year I was thinking of selling some NMA’s (before finding out that there was some hope of drilling in our areas mostly due to Jerry Jones Gas investing), any way my calculations of what I thought I had in NMA’s was wrong but I did not know that the oil/gas companies don’t do the research on what you have until AFTER you sign. There is a specific clause that says if finding changes afterwards the changes will be made (something I did not take seriously as I thought we knew what we had and no chances of that happening). I signed sales agreement and then they came back saying it was about half of what I thought the payment was and what my family owned on a particular area. So I did not proceed, and it became null and void. There is so much to learn in all this. It was also suggested to me that I contact or sell to the companies who lease our NMA’s as they would know exactly what our shares are. I am not sure they would buy with the top dollar though.
Freestone and Limestone has a number of past plays in the 1970s. Cotton Valley, Bossier sand, etc. Just make sure the purchase only sells the legal description you provide and stipulate that no other property is to be included in the sale. Also, say it is limited to the exact net mineral acreage (which you should know) and no more.
Please, take your time and investigate what is going on. It is typical for offers to pile in when there is something on the horizon. Be very careful with the contract language especially watch for giving one thing and paragraphs later taking it away. Also consider if you need a lump some or an income stream. It is a lottery ticket you hold. Take your time and don’t let anyone pressure you. When you are ready to take action do talk to a lawyer as so much is at stake. Ask for an upfront cost to consult on the final contract. It will give you peace of mind at the very least and could be very beneficial. Educate your self by reading all the different posts on this site. Knowledge is so powerful and there are so many caring individuals on this site who share their experiences and expertise. Good Luck
Reach out to George Robinson, I bet you money he can direct you in the right direction… He is a relative of mine. Keep in mind, those old dry holes or p&a wells are not a good indicator of future development. I am related to a lot of fairfield and my family history there goes WAYYY back, as in Stewards mill.
This is an older lady that is asking for some advise and help, which is nothing wrong with that!
Is this what this Forum is about? I guess you expect to be paid to tell some Hello! BOY
