My family was recently contacted by Devon energy to lease our 110 acres.We have 142 but they say they already have 32 in production pooled with a well north of us which is true no argument yet.Heres where they get slimmy.Just as we're about to lease they come back and say they just relized they already have the whole place the lease was signed in 1957 which I went to the courthouse and found the lease and that is true. But somewhere around the early 80's the Ray Richey co. drilled two wells on the place and were duds and we have a release from Richey releasing our property. Devon says they don't know anything about it that Richey never had a clear title to the place.Anyone have any ideas where to go from here? 32 acres in production holding an additional 110 acres not in production for 54 years? Ethical I think not .Any suggestions would be greatly appreciated.
Wise County Texas
Find an assignment into Ray Richey Company. If they had title and then released it, well, it appears to be open. Be cautious reading the assignment. It may be linked to a farmout agreement, where they only earn acreage with production. But look.
Thanks so much Mr. Cotton. I'm headed to the court house right now.While I have your attention tho I have one more question. Theres a Power line co. coming across our land (Oncor) and we have 6 or 8 large 50 to 60 year old native Pecan trees that they will be taking out. I know what I think they are worth but what is a realistic value on these a tree? In other words what are they likely the actually pay? Thanks so much for the advice.
Russell
Decatur attorney Harold McAden in former Mitchell landman: a good go-to guy, my hearty endosrement. If you can demonstrate that you’ve commercially cultivated those 50-yr. old pecan trees then you’re looking at a “reasonable” settlement of an amount they may consider relocation of their site. What do you want, the money or the nuts?
Russell said:
Thanks so much Mr. Cotton. I'm headed to the court house right now.While I have your attention tho I have one more question. Theres a Power line co. coming across our land (Oncor) and we have 6 or 8 large 50 to 60 year old native Pecan trees that they will be taking out. I know what I think they are worth but what is a realistic value on these a tree? In other words what are they likely the actually pay? Thanks so much for the advice.
Russell
Thanks again Mr. Cotton. I'd be nuts not to take the money as we've never harvested any pecans from them. But then we've never had a sunburned cow either. In all seriousness its more sentimental than anything I can remember walking under them 40+ years ago with my grandfather. and plus they are in the front pasture right on the road so they do alot for the looks of the place. I'll check into Mr McAden and thanks again. By the way I found the lease at the court house this morning where Great Plains oil Corp leased the place in 1981 and it was released in 1986 by Ray Richey Co. I guess there was some trading that took place in that time frame.But no mention of Devon. I think their counting on anyone that knows anything being dead and the rest of us not caring enough to search the records.Off to the title company tomorrow.
Russell
Good luck and recheck all their work, believe me.