Problem with MRC Permium following through on lease offering

New Mexico Mineral Rights Lea County, NM
1

I have producing property in Lea Co NM that was leased to MRC Permium (T25S R36E SEC 17) , a part of which was returned because of Pugh clause in the original lease. Although MRC immediately offered to release the property offering a substantial bonus plus 1/4 royalty and using my lease form. MRC delayed and delayed while ignoring my repeated request to finish the deal and pay me!

A landman that I have had years of successful contact, JP Albert who owns Big Cedar Resources in Oklahoma City offered to look over my situation and came back with a significantly improved bonus offering, with IMMEDIATE closure.

We now have money in the bank and JP has once again come through for me.

3 Likes
2

We also were actively negotiating renewal lease in Lea County Oil leases SW4 sec 28 and SE4 sec 28 plus SW4 sec 27. called land man since current lease expires in November. His response was we’ve moved on. Has drop in WTI cooled the market this much?

3

Welcome to the forum. Landmen are often given a certain batch of money and a timeline in which to negotiate leases before they move on to the next assignment. A change in company priorities or economics can cause them to move on. They also many only need to lease a certain percentage before getting enough to drill forcing unleased acreage into pooling.

4

What is the contact number for JP Albert?