I’m looking for a mineral rights attorney who would be willing to review a lease agreement for a couple hours and provide general feedback. Firms I’ve contacted have provided the full price sheet including required retainers, etc. which is a bit more than what I’m looking for.
Ts&Cs of agreement are not flexible - I just want to make sure the are no glaring red flags. Thanks
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You’ll have to provide the State involved.
Unless this is a highly complex OGL, then a few hours is way too much time. If you want the attorney to advise, draft and negotiate an alternate OGL, then you are talking a greater time commitment.
If you have a draft boiller plate lease from an agent, it is highly likely to have multiple red flags as they are designed to be in the lessee’s favor and not the mineral owner’s (lessor).
Thank you.
Texas. Thank you.
Thank you
The consensus on this board is to rush to an oil and gas attorney (I was one). The problem with that and never discussed is that no oil and gas attorney that is busy is going to take on a new client for less than 1 hour billable time to review a lease. You state that you already reached out to a few and they are charing too much, thats the nature of the beast for a 1 time deal/client. Ask whomever you are talking to include an exhibit with a depth clause, pugh clause and no deductions clause
I’m new to all this and in a similar situation. When you say ask them to include an exhibit - does that mean before or after you’re hiring them? I have a tiny lease to consider and don’t want to end up screwed, not being a lawyer…
An attorney can give you an estimate of the cost so you can make an informed decision. If they only provide an hourly rate, then they may not be the correct match for you. As any professional, attorneys have certain minimum levels and you will be placed in a queue for the work if you go forward. Owners need to research the professional and administrative costs associated with participating in the mineral business.
Does the attorney need to be barred in MY state or in the state of the property in order to work with me? Or can I just contact any mineral attorney? I’m actually in Massachusetts, so the whole idea of mineral rights is pretty foreign to 99% of people here… including myself!
Thanks.
You are best served by an attorney licensed to practice in the State where the property is located. Just because the attorney is licensed for that State does not indicate they are well versed in oil and gas law or related negotiations.
I’m looking for the same thing. We inherited a lease in Leon County Texas and we know we can do better. I have no idea how to proceed. We’ve had lots of offers to purchase, but we’d like to know whether to sell or get a new lease. I cannot find anyone to help me.
If royalties are being paid under the old lease, it will not have expired and it is not likely that the operator will agree to any amendments. Some leases have been in effect for 100 years due to continuous production. If the minerals are non-producing and the lease has expired, then you can lease with a new company.
Thanks for the response. So the lease my Dad signed many years ago stays in effect forever? It pays but only a tiny amount.
It stays in effect as long as there is continuous production. And will apply to new wells which will boost your income. If you are getting offers, then there may be new wells being permitted. Post the legal description of the minerals (including section, township and range or section, block and survey and state) and someone can help you see what is going on in your area.