My business partner and I owned a piece of property in Texas which now has eight gas wells (paying so-so). We have recently decided to divide up all combined assets. One of us will take full interest in the gas wells. I called the gas company. They said a Quitclaim would be okay. Question: Is a Quitclaim from one to the other for the mineral rights of the original property address sufficient? Or do you have to do it for each well? If that's the case what about future wells? Anything else we need to know? I downloaded a Quitclaim form from socrates.com online. Thanks in advance! John
No, the property address is not a sufficient legal description.
What is the intention of the parties if a new well would be drilled on the property? Share as currently or the one with the interest in the other gas wells have 100%?
This is an area that you are coming very close to really needing an attorney to assist in the transfer.
Thanks, Buddy! Regarding the address, I was going to use the legal address per County Tax Office. I did email a lawyer I used back in Texas (he's a corp lawyer, not much real estate). He suggested a conveyance for every gas well at a per well charge which handles current, but not future wells. I wrote him back asking why when you convey 50% of minerals to someone at time of the real estate closing it means "now and future", why then can't you simply convey your existing 50% in a quitclaim which would include "now and future". Maybe I'm trying to make something that sounds complicated too simple. :)
I do appreciate your words of wisdom. We may end up with an attorney yet. Thanks again, John