I had an offer from Caddo for some mineral rights that I hold that were gifted to me. I agreed to sell them as production had declined and it did not look as if any new wells would be drilled. That sale has not gone through yet. It is set to go through in three days. They obviously knew something that I did not as this last month I received a check that included two new wells and the possibility of drilling more.
Can I renegotiate or cancel the contract before it is funded? There is no cancellation language whatsoever in the contract.
I would appreciate solid, legal fact if possible. I would also appreciate the name or names of attorneys who can address this if need be.
No one can give you any effective legal advice as it all depends on your contract terms, other correspondence and state law. You need to immediately contact an oil and gas contracts attorney in state where the minerals are located to understand your situation. Have you already handed over a signed deed? This is exactly why anyone considering selling needs to research permits etc and to have a contract reviewed by legal counsel. Those wells were permitted and drilled before you signed an agreement because it takes months from permit to first production.