Received a verbal offer from a Landman named Carter Renfrow of JLH Energy LLC to pay $1,000 per mineral acre for purchase of my mineral rights in Love County section 21-06s-02w. He said a written offer is to follow. Any information on this landman and is there any activity going on in this area. Thank you.
The general area has quite a bit of horizontal activity pending. 89 Energy, Continental Resources and XTO are the major players. “pending” may take a while given the current prices, but buyers like to buy right before the bit starts turning. Some cases have been dismissed and other cases have orders issued, some are still pending.
Thank you your response and an update on the area. Do you have any knowledge of the landman or company he represents that I mentioned? Reputation etc.?
I have no knowledge of either. When I get an offer, I do several things to see if the buyer is legitimate. -I look them up on Bizapedia and see how long they have been in business. No problem in being a new company, but I am look for the owners to see if they have experience and their BBB rating. -I look up the owners on LinkedIn or other sites to see what their training and background is. .-I look up their website. Are they willing to say who they are? Who is funding them? What do they do? etc. If they are not willing to reveal who they are and how they are funded, then I will not deal with them.-I ask if they are willing to put 10 percent of the purchase price in an escrow account as a good faith measure. What third party is holding that escrow for them? Attorney? Accountant? I want a PSA in writing and an agreement that the remainder of the payment will either be paid to the escrow account and my third party who is holding my lease or deed will turn it over when the check clears or it will go to my direct direct deposit account before my third party will be handing over the lease or deed.
Thank you for the advice and direction. Appreciate it so much