Is this a good service to use? My family has hundreds of properties in 44 counties in Oklahoma. I’m new to managing them and learning the business. We have already sorted out any title problems and know what we own, with all the deeds filed properly. I was wondering if this service, however, could help me with lease offers.
Anyone looking to lease in your area will get your information from the county records. I am a landman and would never call them for anything nor would any oil companies I have ever dealt with. I would save my money.
NO. Save your money. SCAM.
Todd M. Baker
With that many properties, you may want to consider a different structure for ownership. Some options might be LLC as the owner. The LLC can be owned by Trust to avoid probate. If there is a change of address or if the owner dies there would be fewer issues.
Alternatively, you can file an affidavit with owner contact information in each of the counties. I tend to agree with Todd Baker
Richard Winblad, Attorney
We just formed a family LLC for our properties which have been held in trust. We have several in Oklahoma and in 8 other states, so it was a big conveyance job. We also discovered properties outside the trust. Apparently my heirs did a terrible job of managing their affairs. It was relatively expensive, but I think well worth it because now we know where all the properties are, we have clear title, and we have a giant database to search from. Now I just have to learn the oil and gas business.
Meredith, You might want to check out this post – Information for Inexperienced Royalty Owners. This forum is a good resource, of course. Some answers are worth more than others. I can highly recommend anything posted by M_Barnes. Richard Winblad’s been giving some good advice too.
Keep in mind that you **may** need to “domesticate” the LLC in each state where it will hold minerals.
While I agree with other people who have posted about this particular service, I would, however, advocate for assistance in understanding how prospective your minerals are, especially if you’re looking to actively manage your mineral portfolio.
A forum like this where mineral owners talk to each other is one way to stay informed. Joining your local chapter of NARO (National Association of Royalty Owners) is another excellent way. Using all the free resources out there to track the activity in your area is also useful.