Does anybody know anything about BCF Minerals? My mom has signed a contract selling her mineral rights to them, but that was two months ago and she has yet to receive the check. I have contacted them several times, and they just keep saying “we’ll check on it”.
Never give a lease or deed without receiving a check. Better to use a local attorney to act as an intermediary.
In your situation, consult an attorney and see if there is a method to prevent the deed from being filed or becoming effective.
This post is not legal, tax or investment advice. Reading or responding to this post does not create an attorney/client relationship.
Did she sign a contract or has she executed/signed a deed?
The post says contract.
Good funds (cashier’s check or confirmed wire transfer) for a signed original document - leasing or selling. No exceptions.
Would you sign a deed selling your house, allowing the buyer to “pay you later”?
Same here.
Rudi, if it is a contract then it appears that BcF has no intention of following through. Unfortunately, there are mineral buyers out there who will enter into a contract and then try to flip the minerals to another buyer. If they do not find somebody who wants to buy the minerals and give the original mineral buyer some profit, then the original mineral buyer will walk away from the contract. That may be the case here.
Now the question I asked was did a deed get signed. If a deed got signed and sent to BCF, then that’s a totally different situation. In that situation you have already conveyed or deeded your mineral rights away and you’re waiting on payment. If you have in fact, signed a deed to BCF, then a visit to an experienced oil and gas attorney would be advisable.
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Sounds like your mom signed a typical purchase sale agreement that has a lot of loopholes for them to opt out of at any time but it might still be in force depening on how many businness days they have to run title? Im guessing 60 business days? If youre signing an OGL or selling minerals, always demand a 30 CALENDAR DAY effective on time of signing closing date. If you own 5 acres or more, companies will accept it 99% of the time.
Bob- hate to tell you, but that is old school. If they want my lease, they will pay for it at the time of execution. Many times today, be it sale of minerals or leasing, I send them a copy of the executed MD/OGL and they wire me the funds. I then FedEx them the MD/OGL. 30 days is not acceptable & makes no difference on the acreage.
Interesting, but I only brought up the purchase sale agreement, nothing about signing OGL’s or MD’s and sending them prior to closing. Ive never dealt with a company that signs a OGL or MD without a “due dilligence period” hence the PSA, most companies push for 60-90 days, why I said demand 30. But, youre saying that you sign OGL’s or MD’s the 1st day of contact without a 15-30 day period for them to run title? I find that hard to believe, but you own way more than anyone on here, so maybe they give you the benefit of the doubt unlike us peasants!
Bob, for the most part, they know what you own when they contact you unless they are fishing. The rest is smoke & mirrors. And no, I didn’t say I sign the 1st day of contact. Quite often I say no bueno. But I will tell you that in almost every case, I don’t sign PSAs. My word is good and PSAs for small transactions are for those who are untrustworthy and as you said, contain a lot of loopholes. Any you are only a peasant if you think and act like one.