Landman questions

Landman Discussion
1

I am currently taking courses to pursue a career in oil and gas. I need to contact a landman and ask some questions for 2 different reports. The course is on basic contracts and agreements. I do not know a landman personally so I thought I would try to get some answers here. Any help would be greatly appreciated.
My first report asks the following questions:

  1. From your experience, do companies most often use seismic permits, seismic options or oil and gas leases in order to be able to do a seismic shoot? Why?

  2. What are the advantages of a seismic option agreement over a seismic permit?

  3. What are the disadvantages?

  4. From your experience, is it easier to negotiate an oil and gas lease or a seismic agreement? Why?

  5. From your experience, do companies most often negotiate seismic agreements from the mineral owner, surface owner or both? Why?

The second reports asks the following questions:

  1. What is a farmout?

  2. If you have ever farmed out acreage, what was your motivating factor? Or, why do oil companies farmout acreage?

  3. Do you use standard terms when negotiating farmouts?

  4. What terms are most often used?

  5. What are the best terms you have ever received in a framout or best terms you have ever heard of being used in a farmout?

2

as to your questions on farmouts, I would suggest a look at an article that John Lowe wrote in the SMU law review. it gives a pretty good overview on farmouts.

https://scholar.smu.edu/cgi/viewcontent.cgi?article=2690&=&context=smulr&=&sei-redir=1&referer=https%3A%2F%2Fwww.bing.com%2Fsearch%3Fq%3Dfarmout%2Bjohn%2Blowe%26form%3DEDGEAR%26qs%3DPF%26cvid%3Df835484792984c82b77b1081570f7934%26cc%3DUS%26setlang%3Den-US%26elv%3DAXXfrEiqqD9r3GuelwApuloNr4C3968dzV0vQmQs%2A1YxF71FOQN8IsvJPZLskv9P1WjgLTJHUMIW6gW%2521MFzwt9XxMv5ag8wbomww9cb2jGjX#search="farmout%20john%20lowe"

3

look for a job in another industry

4

You can also direct your question to the American Association of Petroleum Landmen for the question on seismic agreements. The answers to some of your questions may vary by state.

5

If you want to be a landman, then first figure out how to contact me. If you can do that, I will be glad to help.

Buddy Cotten

6

I do not wish to be a landman. But thanks for your help!