Our family inherited an oil and gas corporation from our father, and we are now wanting to dissolve the company. However, before doing this, we want to make sure that all working interest in Eddy County has been terminated, and all legal obligations have been satisfied. What is our next step?
You will need to contact a good oil and gas attorney to assist in handling the working interests. They are contractual and cannot be turned off without proper legal work such as a sale. Often the Operator will want to purchase them.
Thanks so much, Martha, for responding to my question! I will take your advise and try to find an oil and gas attorney licensed to practice in New Mexico.
Depending upon where they are in Eddy County, you may want to hang onto them. If there is horizontal drilling, then if could be a nice set of royalties. Find out everything before closing out.