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.