I used to work at the credit bureau, and how it started was in a shoe box of the grocery man in town. He gave credit to farmer Joe. When Joe asked the bank for a tractor loan, the bank asked the grocer , hows his credit? Can't we get something sophisticated going on here for the oil companies and operators? Who are big? Who have cash flow? Who are bullies?
Can we make interactive pages where people can type their experiences? A shared google document or excel sheet ? This link is a survey I made as an example.
People can add questions to it. Maybe this is too static and a bad idea, as we have the forums to ask questions on. Just thought there must be a way to summerise all that we know about all of these companies collectively.
When a friend gave me an offer that he had received to purchase his minerals and asked me to review it, I was shocked at how unethical and possibly criminal the language was in the Deed that he was asked to sign.
I complained to AAPL, they would do nothing even though several executives in this company are AAPL members and AAPL does have a process to investigate members who allegedly engage in shady dealings. I also complained to NARO, TIPRO, the RRC, and the Texas attorney general. Nobody did anything. So yes, I would love to see an equivalent of the BBB or D&B for the oil-and-gas industry.
I think this is an excellent suggestion. Granted we hear mostly from those who feel they have been cheated or scammed, but it would also be good to see if a particular company has a special pattern of behaviour that we can warn others about. When I purchase insurance, I can judge the company by it's rating. Mineral owners are basically operating blindly in accepting a lease, especially those of us who have had this asset fall in our laps through inheritance.
Looks like I was able to add two more responses. Can any one else make updates or am I the only one? I want any mineral owner to be able to type on this. Than we all gather Company names in one place and make a sheet for each one. Or something. I had a good experience with Prairy Land about 12 years ago. Its over and past by now.
Excellent Idea! First need to let you know I am a relatively new to this.
We are currently in the confidential / 150 day waiting period so do not know what to expect as far as royalty payments and co-operation with the producer.
All I can offer at this time is that our producer is Whiting fracked by Haliburton. We went from permit to producing within about 7 weeks. From what I hear that is a pretty good time line.
Providing we have an economically viable well (RWK term :), there is a good chance for more activity on our mineral acres and potential for other operators to deal with.
I have read in these forums that there are some frustrating and sometimes shady companies (CHK?) to look out for. Good luck on this thread, I hope to read other comments good or bad.
Right. I think one page of direct links would be good. Listed alphabetically. If you click on the name I put up there , it takes you to the questions. That is so people can tell me what kind of questions to ask. Also We need more company names and people to report on them. All of the data will collect on an excell spreadsheet, and I can manipulate that data.
I know this isn't what we want. Im not sure how to organize such a thing.
In the credit industry, creditors send in tapes every month to say how their clients paid. It all gathers on one sheet per company. That is my goal.
Lori, it's a grand idea, unfortunately I don't think it's workable. Comoanies start up new companies, work through multiple LLC and land companies with landmen sworn to secrecy on pain of having to find another line of work if they spill the beans. Frequently, the answer to all those questions is going to be, I can't tell you. If they would tell you just for asking, they wouldn't be trying to hide in the first place. Why a company would continue to hide when operating in an area in which you must have had at least a few other offers, where everyone should have an idea of what is going on, leads me to believe that they plan something pretty heinous or hope they get the opportunity for it, al la CHK, because the guilty flee when no man pursueth.
But.......at the very least, info or opinion provided will help make (even if so slightly) a more educated decision.
RW your insight and perspectives are greatly respected by us novices. Love your Shakesperian references tied in with obvious experience and knowledge of the industry.
Thank you for adding to the discussion. I am most interested in.all of us reporting on how well they pay their royalty payments to keep them honest. Future mineral owners won't want to work with deadbeats. I admit these guys could skip out. Most wont. I just don't wnt want to be the unlucky one.
I agree Kaye, ANY info, name or experience could be VERY valuable to someone. I don't think anybody's expecting a bullet proof drag net of perfectly accurate information to be available. The real question is will it be worth the time the Admin will have to invest to manage and upkeep the data and frame work?