Hello everyone, I received a phone call from someone at Honor Resource Company also working with EQT productions. She said that I inherited an old well lease from my grandma that passed away. Apartly nobody has known how to reach her or her other children but found me on the internet. My share was passed to me since my dad passed away a long time ago. Well apparently they want to change the old language in the lease to allow for more well heads. I know nothing about any of this and neither did my aunts and uncles. At first I thought this was a scam but now maybe it's not. I should be receiving the old and new paperwork in the mail soon. So what should I be looking for in this paperwork and what should I know? What should I know about owning a lease or these companies? Any resources I should read to educate myself? Thank you.
Amber,
First let me say that I strongly recommend meeting with an oil & gas attorney, before proceeding in any manner. I have a few leases with EQT and have had as much as 130% of my royalty taken, essentially meaning that I owe EQT to harvest MY minerals.
Feel free to email me on this site if you need a reference for any attorneys.
Good Luck!!!
Hi Amber, Let me echo what WV Mineral Owner said. The modification that they want you to sign is legally binding, as if it is a new lease. There has been a big move on the part of the companies in the last few years to twist things in a way that helps them and hurts the mineral owner (you and me).
I know of a few attorneys licensed in WV law who would be helpful. One of the closest is Scott Windom of Ritchie County which is two counties south of Wetzel.
Another is even closer: Dean Rorhig of Tyler County which is just south of Wetzel.
Another who sometimes posts on this forum is Kyle Nuttall who lives a bit south of Wetzel but who practices in oil and gas.
To the best of my knowledge, any of the 3 would be helpful in this. But I would urge you to get someone to advise you about this lease modification. It can be a good thing, if they pool your acreage and drill a horizontal well. Royalty money which is better than for a shallow well. But there are more ways that a company can cause mischief with these new well.
And please feel free to ask any questions here. There are a lot of people who have a lot of knowledge. Some of us have learned things the hard way and are wanting to help others avoid our mistakes.
EQT is a company which has a reputation for taking advantage of its royalty holders, including doing things such as WV Mineral Owner said. Get as much protection from them as you can!
Thank you for you reply and yes please recommend any attorneys. Since I know nothing about these sort of things I think I’ll be need professional console.
Amber,
I will send you a note here on the site.
Thank you. I’m assuming that since this is a very old lease I’m sure there are quite a few adjustments that will need to be made and I’ll be needing an attorney at some point to help.