I’m doing research to see if there is sufficient need and if so, where best I might focus my efforts. I’m a petroleum/reservoir engineer and would like to “use my powers for good” and provide engineering evaluation, education, and general advocacy to mineral owners who might not otherwise be able to afford such advice and valuations. This could also be providing engineering services for other nonprofit organizations (schools, churches, foundations) that have O&G revenue streams of some sort through donations and grants. I’m also female, so I would also love to focus on helping women in the industry in some way.
If it’s not a nonprofit by official standards, I’m still planning on providing these services at a high discount, but it’d be easier to sustain with the advantages of being a formal nonprofit.
Does anyone have any ideas of groups of types of individuals who would need this service? Or is this trying to solve a problem that doesn’t exist? (though I’m relatively sure it does, since I’ve seen many mineral owners who either have too small of assets to justify proper advice, or have undeveloped assets and therefore no income stream from it to make it worth a proper evaluation)
Any topics or items that are more a concern than others?
Are there any organizations that provide this already? I couldn’t find any with a google search
I hope you get some good feedback. I applaud your reasoning and values.
Churches, families with small assets, folks who need fair market value for IRS purposes due to sales, charities who have received donations and do not have access for valuations, probate evaluations, just to name a few.
The questions I see the most are about IRS valuations for capital gains taxes and estate evaluations.
Engineering firms already do this in certain markets with high oil & gas activity-I know of ones in Colorado, Permian Basin, WV, Oklahoma, but states with smaller activity need appraisers. The National Association of Royalty Owners often gets requests. (Transparency here, I am on the board and questions come all the time from families that need help.)
Are you experienced in doing this already? Do you have strong legal contacts and geologic contacts? Are you certified? Are you a member of the American Association of Appraisers (might not have the name completely correct)? SPE? You may want to focus in one particular area to start with.
If you are not experienced, then maybe you might want to work for a firm that does the evaluations and then branch out into the non-profit world after a few years of experience once you know what an appropriate rate to charge would be.
You would not be able to solicit on the forum as that is not allowed from general members. However, there is a directory at the top of the page of professionals who do pay to belong and may be contacted.
I have 12 years in the industry with 9 or those doing reserves evaluations for operators (very big and very small). A majority of my experience is in the TX panhandle and Western Oklahoma area. I don’t have direct experience on the independent engineering firm side of thing other than working directly with them. I am a licensed Professional Engineer (TX) and an SPE member, but I’m not a member of American Association of Appraisers (and actually just now heard of them…). SPEE (Society of Petroleum Evaluation Engineers) was my next membership to get as I fit the qualifications, just need to get the board review, and I’ve looked into NARO’s Certified Mineral Manager program as an additional certification. I have strong geologic contacts and I’m working on growing my legal contacts.
And yes! I’ve been lurking for several months just reading questions and answers so I’m aware of the business/directory rules on this site. At this point I’m not even in business yet so I hope it’s still ok for me to ask these questions .
Asking questions is great! Good luck in your endeavor. You may need to check into the difference between a “not-for-profit” and a “non-profit” designation as they have slightly different rules and regulations.
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