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Started By
Message
OT oil tycoons that have property with oil/gas leases, a question:
Posted on 5/14/14 at 8:57 pm
Posted on 5/14/14 at 8:57 pm
Just received a lease request for some property I inherited in Texas. Are these leases standard across most companies?
What do I need to know about these leases?
What do I need to know about these leases?
18
Posted on 5/14/14 at 8:59 pm to saltybulldog
Got some leases....give em to me.
Posted on 5/14/14 at 8:59 pm to saltybulldog
sell out man
Posted on 5/14/14 at 9:00 pm to saltybulldog
Read it carefully
Posted on 5/14/14 at 9:01 pm to saltybulldog
(no message)
This post was edited on 8/8/20 at 11:19 am
Posted on 5/14/14 at 9:02 pm to saltybulldog
read it very carefully before signing it...and if you are not good with such things, get an attorney to look at it for you...
frick around with that and you may find yourself having to clean up a toxic waste site instead of retiring someday....
frick around with that and you may find yourself having to clean up a toxic waste site instead of retiring someday....
Posted on 5/14/14 at 9:03 pm to saltybulldog
turn them down the first time they ask. They will come back offering you more money. Turn them down again. They will come back again offering your more money. Balls in your court now
Posted on 5/14/14 at 9:04 pm to KingRanch
quote:
KingRanch Read it carefully
And then read it again. The leases are fairly standard. It never hurts if you have someone close to you who can read over it as well. My family has a close retired lawyer friend who actually represented oil and gas exploration companies for a living. He reads everything that comes through and has steered us clear of several shady propositions that we'd have walked right into without him. Don't hesitate to say no either.
Posted on 5/14/14 at 9:04 pm to KingRanch
I did. While I understand the basics, I assume that I am being screwed. I do not have any prior experience with this.
Posted on 5/14/14 at 9:05 pm to saltybulldog
Find an oil and gas attorney in your area.
Ask him what an hour or two of his time will run you.
Pay it and go see him.
Ask him what an hour or two of his time will run you.
Pay it and go see him.
Posted on 5/14/14 at 9:06 pm to Walt OReilly
quote:
turn them down the first time they ask. They will come back offering you more money. Turn them down again. They will come back again offering your more money. Balls in your court now
Directional drilling baw. They'll drink yo milkshake if you frick around with them that much
Posted on 5/14/14 at 9:08 pm to saltybulldog
This definitely sounds like something that is worth taking to an attorney
Posted on 5/14/14 at 9:08 pm to saltybulldog
(no message)
This post was edited on 8/8/20 at 11:19 am
Posted on 5/14/14 at 9:09 pm to saltybulldog
Have an attorney look at it and ask for at least 3/8ths
Posted on 5/14/14 at 9:15 pm to TexasTiger39
SW Texas.
Will get with an attorney. Thanks for the info.
Will get with an attorney. Thanks for the info.
Posted on 5/14/14 at 9:19 pm to TexasTiger39
quote:
You will want a favored nations clause
what does this mean and anything else we should want included or is this the only advice as far as clauses go?
Posted on 5/14/14 at 9:20 pm to saltybulldog
Do read the contract carefully and yes, these types of contracts are very standard.
Posted on 5/14/14 at 9:46 pm to ClydeFrog
If it's a small track of land, it's probably not worth an attorney. What kind of royalty/lease bonus is being offered? You can look at the Texas railroad commission and get an idea on activity in the area.
Ask the people in Bossier/DeSoto Parish that kept saying no to $20,000/acre during the Haynseville Shale craze and then couldn't even get $2,000 a few months later. Pigs get slaughtered.
I personally would encourage drilling on my land if I'm getting a royalty. Just make sure to protect what's important to you. There's no reason to be a jackass and say no just because. Tell them what you want. Lease bonus is a small part of the pie, if its a good well take a higher royalty.
Ask the people in Bossier/DeSoto Parish that kept saying no to $20,000/acre during the Haynseville Shale craze and then couldn't even get $2,000 a few months later. Pigs get slaughtered.
I personally would encourage drilling on my land if I'm getting a royalty. Just make sure to protect what's important to you. There's no reason to be a jackass and say no just because. Tell them what you want. Lease bonus is a small part of the pie, if its a good well take a higher royalty.
This post was edited on 5/14/14 at 9:50 pm
Posted on 5/14/14 at 9:56 pm to saltybulldog
You'll never get a favored nations clause, don't focus so much on the bonus, focus on your royalty percentage, you'll probably do well with a 1/5, but probably won't be able to get a 1/4, but request a no surface operations clause and a hard consent with penalty.
Posted on 5/14/14 at 10:02 pm to saltybulldog
Bring it to an o&g attorney.
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