I have a mineral rights lease on which I want to drill a gas well. An investor has offered to pay all the costs involved for a share of profits, understanding there may be none. We have a handshake agreement now, but I am advised to have a Certified Professional or Petroleum Landman assist with filling out an AAPL Form 610-1989 to make all conditions possible clearly understood by all parties, then have an oil/gas attorney review it. Anyone know of a CPL in or near Weld County, Colorado, willing to do the deed? I called the only office in Greeley listed as such, but no call back.
I wish more royalty owners would drill their own wells!! I dearly love handshake deals. However, they still tell us we should have a contract so there is no disagreement later even if it is a family member. I have an old motto I made up years ago, "Distance separates blood." You want some good seismic; otherwise, you risk wasting the opportunity for yourself and your investor. The AAPL Form 610-1989 has most of what you want; however, you want an experienced landman to explain the meaning and intent of each paragraph. The landman can be from anywhere in Texas and are also on this wonderful website. All of these agreements have a COPAS accounting agreement - that's my 40 years of expertise. I can help you free of charge with it. Do not use the new COPAS.
Make your luck,
Bob Malone, Malone Petroleum Consulting
Appreciate the response and recommendation. Having long been a land investor and Realtor, with a BA degree in geography and practical experience in geology with Shell Oil before that, plus representing the Western Mineral Mining Association in Boulder County in the past and once gold mine owner, that failed, I know for sure that I don't know enough to properly fill out an operating agreement that will protect all concern and keep friends friendly. Thus my need for a CPL or the like with whom I can sit down with to resolve a useful Form 610, with more well sites and investors available. Any clue on a Greeley, Colorado area person will be greatly appreciated. BTW, a local oil/gas attorney wanted $300 per hour and minimum of 15 hours to fill out the form.
Charlie Odendhal
I have a friend that does just that. He is well experienced, competent and a man with high integrity. He will assist you for much less than what you were quoted by the attorney.
I will not put his contact information out publicly, but friend me and I’ll send it to you.
Best,
Buddy Cotten