Working Interest in an Oil & Gas Unit

General Mineral Rights Discussion
1

Hello,

Apologies up front if this isn't the right place to post this question.

I recently acquired a small working interest that's part of an O&G unit in Gaines County, TX. It's currently a liability for me and I would like to find a way to either divest or relinquish this interest. After reading through the JOA (I'm no lawyer), it appeared that there was some language in there about how WI owners could, at any time, transfer their interests in the unit to other WI owners that wanted to stay in the unit.

I'm curious if anyone has an understanding of WI rights as part of a unit and whether or not folks have seen or dealt with this before.

Happy to provide more specifics if helpful. I'm super appreciative of any and all responses.

Thanks,
Mark

2

Mark,

It isn't as simple as "opting out"; the WI partners will be responsible for their share of expenses on activities they (or their predecessors) approved (this would be 'going consent' on the AFE). This would include plugging liabilities, ongoing lease operating expenses, your share of the operator's overhead, environmental exposure, and a number of other costs. I sent you a friend request so we can send direct messages. I would love to learn more about your property so please 'friend' me and I'll see what I can do to help.

Thanks,

Jimmy

3

Thanks Jimmy, just sent you a PM.