Suspicious offers to buy


#1

I have just received offers to buy some acreage in Woods and Kingfisher Counties. This is a group out of Dallas. They have a teaser green check attached to the bottom in the amount of $500. They also have an equation that is meant to get my attention with a “$3,000,000.00” multiplier in the first line. When I read the offer carefully, I would be giving up all my rights, giving them power of attorney, agreeing to arbitration in a court of their choosing, giving up any damages and giving up anything I might inherit or get in the future. Essentially I would lose everything with no recourse. I would be very careful and contact my own attorney if ever even thought about doing business with this group (which I won’t). They have had complaints with the BBB. I have run into them before and another company out of Fort Worth which happens to use the same wording, same font style, etc. See the warnings below from both Kansas and Texas regarding similar offerings.

Any time something sounds too good to be true, I am very cautious. I mark a big X through anything from this company with a big giant marker so my heirs will know not to deal with them. Also, I read the terms of the “payment” and how long they have to pay. I would never hand over any deeds to a company without receiving several legitimate offers, having the sale fully vetted by an experienced attorney and receiving a cashiers check for the full amount of my payment at the point of sale. With offers like this recent one, I might never see another dime if I cashed that check and if I signed their terms, I might have no recourse to fight them.

The last time I received letters like this from these two groups, it was on multiple properties with low production from old wells and they styled their letters to look like a lease, but it was really a sale. Sure enough, very soon after, multiple horizontal wells were drilled which was what they were chasing.

There are many legitimate mineral buying companies out there with reasonable terms. Be careful in your choices of companies. Get legal help. I am not giving legal advice, just using common sense on not considering offers like this.