Has anyone heard of either Haley Pettit or Marke Exploration, I think maybe out of Arlington, TX? Haley contacted my sister about buying our minerals in Howard Co. and offered a huge amount for a very small interest. I can't find anything on the internet about this company. Thanks!
Hi, Lory -
Howard County, TX is one of the busiest in the nation right now as far as Oil and Gas activities go and there are all sorts of people and companies making offers to buy people out. Unfortunately, some of them are more on the unscrupulous side than any of us would like.
A lot of the offers for some astounding amount of money are "Bait and Switch" type offers. They will get you to sign an agreement to sell, then tell you that the dollar amount they offered was for if you owned 100% of the minerals in the subject lands. They have you hooked because you signed the contract and buy you out for what amounts to pennies on the dollar for the real value of your interests.
Sometimes they make offers to buy people out when they know that they already have royalties waiting for them to claim (royalties "in suspense" or in a non-pay status for an unknown address or the interests are still in the names of their parents or grandparents). Or that a well has just been drilled and the Division Orders have not been sent out yet.
In other words, using your own money to buy you out - sometimes at a huge profit - without their risking a dime.
If you will send me the legal description(s) of your Sister's properties, I will be happy to look them up and put together some information for the two of you to look over so that you know more about what is happening in the area.
In the meantime, please tell her that I very strongly advise that (a) she not sign anything, agree to anything in an email or even verbally agree to anything and (b) consult an experienced Oil and Gas Attorney regarding any offers she ever receives.
And when, not if, the people making an offer get pushy, tell her not to worry and don't let them intimidate her. If her interests are as valuable as they say it is, they aren't going away anytime soon.
If you want to send me your Sister's legal description(s) privately, you may do so by accepting my invitation to become A Friend on The Forum, which I will send you in a moment.
Hope this helps -
Charles Emery Tooke III
Certified Professional Landman
Fort Worth, Texas
Thank you so much! I will gather the information and get it to you as soon as I can.
Regards,
Lory
Lory,
I'm an inherited mineral owner advocate and deal with offers on a daily basis. A huge percentage of those making offers are legitimately working for operators or financial entities. Their money is as good as anybody's. The thing you need to check on is the terms of the offer and what guarantees or conditions are put on payments.
In other words, don't sign any commitments or deliver any deeds until you know that the money is in your bank. You need to give them time to confirm your title but then it should be money on the barrel head in exchange for a deed. If you are happy, do you care where the money came from as long as it is legal?
You happen to be in a seller's market now. Take advantage of it.
Gary L Hutchinson
Minerals Managment
Thanks, Gary!
I agree. time to make sure of title, but $$$ on signing! Problem for the landman is the time in-between! EITHER SIDE CAN BOW OUT OF THE AGREEMENT. IF A WELL IS DRILLING AND COMPLETION EFFORTS ARE LESS THAN EXPECTED, LANDMAN MAY BOW OUT. if WELL IS BETTER THAN EXPECTED, MINERAL HOLDER MAY BOW OUT! THE ISSUE IS NOT TIME BUT TRUST! IT EITHER WORKS BOTH WAYS OR NO WAYS!
Isn't this just super! All this free information for nothing ... and from some of the TOP SPECIALISTS on the Forum. If your other deal doesn't work out, you can always take this wealth of information to the bank.
If you're the Lory Lamkin who, one year, saw the Marfa lights, and whose family lived in West U, down the street from Pat Malone, then, here I am. If you're this Lory Lamkin, please send me a friend request.
Regards,
Pat
Lory saw the Marfa Lights? Cool Beans!
Lory, when things were booming in the Haynesville Shale years ago my only advice to friends and family interested in selling was if everything checked out correctly, to only sell 50% of their interest. That way, they would have some monies to use and also still have some royalty interests left. Good luck, Kathy
SIT BACK AND RELAX. THE HAYNESVILLE SHALE WILL RISE AGAIN---SOON
Hi John, I like your thinking:)! Things do look promising. I am sure you know about the Covey Park, Indigo Mineral and other recent purchases.