My siblings and I have discovered we have interest in 640 acres in Gaines county Texas, which an oil company is interested in drilling.The oil company has told us they are prepared to make us an "offer" at the first of the year. This is all so complicated is there such a thing as an advisor (free or low cost) that can guide us through some of the key steps? Thanks
Richard Cozby
Lincoln City, Oregon
Richard,
By reading some postings on this Forum by different Forum Members will help you understand some of the do's and don'ts on leasing. http://www.mineralrightsforum.com/profiles/blogs/internet-resources... http://www.mineralrightsforum.com/profiles/blogs/ten-oil-gas-lease-...By all means don't accept the first offer. The standard lease is always in the oil/gas companies favor. They are not leasing your minerals to make you money. They are leasing to make themselves money. Remember::WHATEVER THE LANDMAN TELLS YOU IS NO GOOD UNLESS IT IS IN WRITING. DO NOT TRUST AN OIL/GAS COMPANY. DO NOT ACCEPT A COMPANY DRAFT FOR PAYMENT. ALWAYS GET A COMPANY CHECK OR CASHIERS CHECK FOR PAYMENT. DO NOT SIGN THE LEASE UNTIL YOU HAVE THE CHECK IN YOUR HAND. And I will say it again. DO NOT TRUST AN OIL/GAS COMPANY Since this is all new to you I would suggest you hire an oil/gas attorney. http://www.mineralrightsforum.com/profiles/blogs/fair-oil-gas-lease
Clint Liles
Richard,
16 new drill permits and 2 recompletion permits have been issued for Gaines County since the 1st of Dec. 2012. Quite a bit of activity in Gaines County. Good luck on your lease.
District 8A County GAINES Date 12/01/2012 thru 12/28/2012
Approved 12/06/2012 Submitted 11/30/2012 752473 165-32107 HESS CORPORATION (381665) SEMINOLE SAN ANDRES UNIT 4129 8A GAINES Vertical Recompletion - 6577'
Approved 12/06/2012 Submitted 12/03/2012 752535 165-37693 PETROPLEX ENERGY INC. (660886) STEADMAN '11' 1 8A GAINES Vertical New Drill - 12500'
Approved 12/07/2012 Submitted 12/04/2012 752558 165-37694 SHERIDAN PRODUCTION COMPANY, LLC (775854) SOUTH CENTRAL ROBERTSON UNIT 125 8A GAINES Directional New Drill - 7500'
Approved 12/12/2012 Submitted 12/07/2012 752784 165-37696 W&T OFFSHORE, INC. (887952) UNIVERSITY 6-2 2 8A GAINES Vertical New Drill - 12000'
Approved 12/13/2012 Submitted 12/10/2012 752854 165-37697 MCCLURE OIL COMPANY, INC. (540703) HANNAH KATE 1 8A GAINES Vertical New Drill - 5600'
Approved 12/13/2012 Submitted 12/11/2012 752895 165-37698 SHERIDAN PRODUCTION COMPANY, LLC (775854) SOUTH CENTRAL ROBERTSON UNIT 124 8A GAINES Directional New Drill - 7500'
Approved 12/17/2012 Submitted 12/12/2012 748173 165-37665 PIONEER NATURAL RES. USA, INC. (665748) PARMER '5-317' 1 8A GAINES Vertical New Drill Yes 13300'
Approved 12/18/2012 Submitted 12/04/2012 752560 165-37695 SHERIDAN PRODUCTION COMPANY, LLC (775854) SOUTH CENTRAL ROBERTSON UNIT 126 8A GAINES Directional New Drill - 7500'
Approved 12/18/2012 Submitted 08/16/2012 746574 165-37648 SEABOARD OPERATING CO. (760960) RILEY, JAMES B. 6 8A GAINES Vertical New Drill - 7300'
Approved 12/20/2012 Submitted 12/18/2012 753416 165-37699 OCCIDENTAL PERMIAN LTD. (617544) GAINES WASSON CLEARFORK UNIT 6526 8A GAINES Vertical New Drill - 8250'
Approved 12/20/2012 Submitted 12/12/2012 753094 165-37427 PROBITY OPERATING, LLC (679303) REIMER 1 8A GAINES Vertical Recompletion - 8516'
Approved 12/27/2012 Submitted 12/18/2012 753477 165-37703 STANOLIND OPERATING LLC (813995) BECKHAM 6 8A GAINES Vertical New Drill - 5700'
Approved 12/27/2012 Submitted 12/19/2012 753528 165-37702 OCCIDENTAL PERMIAN LTD. (617544) GAINES WASSON CLEARFORK UNIT 6525 8A GAINES Directional New Drill - 8100'
Approved 12/27/2012 Submitted 12/19/2012 753565 165-37704 OXY USA INC. (630591) NORMAN A 7 8A GAINES Vertical New Drill - 10000'
Approved 12/28/2012 Submitted 12/19/2012 753548 165-37705 OCCIDENTAL PERMIAN LTD. (617544) GAINES WASSON CLEARFORK UNIT 6728 8A GAINES Directional New Drill - 8500'
Approved 12/28/2012 Submitted 12/19/2012 753582 165-37706 GUNGOLL, CARL E. EXPLORATION LLC (339348) HIGG RANCH 456 6 8A GAINES Vertical New Drill - 5400'
Approved 12/28/2012 Submitted 12/20/2012 753647 165-37707 SHERIDAN PRODUCTION COMPANY, LLC (775854) SOUTH CENTRAL ROBERTSON UNIT 127 8A GAINES Directional New Drill - 7500'
Approved 12/28/2012 Submitted 12/20/2012 753669 165-37708 GUNGOLL, CARL E. EXPLORATION LLC (339348) HIGG RANCH 66 1 8A GAINES Vertical New Drill - 5400'
Clint Liles
Richard
Congratulations on having rights to minerals that may be valuable. Mineral leases are very complex. There is some great information on this site through the blog posts and also be sure to click on the "Mineral Help" tab at the top of this page where you will find articles and references to additional resources that may help you. I would also recommend professional assistance especially if you have 640 net mineral acres. There is a Gaines County group on this site that would be useful for you to join. Just click on the groups tab at the top of the page and go to County Groups and find the Gaines County link under the Texas heading. Good luck to you and your family. (by the way, I love Lincoln City...we try to visit every other year. We stay in the Roads End area)
Buddy Cotton, a member of this forum, is capable of rendering great help.
If you have more than just a few acres, getting professional help can make you more money than it costs you. There are many pitfalls in leasing, things that won't be mentioned in the lease but which are assumed unless expressly forbidden. If you are new you can spend a year learning what to do, or hire someone to help. It doesn't hurt to learn a bit for yourself so you can tell if you are getting any help at all.
I echo r w kennedy.