Lots of questions

Texas Mineral Rights Mitchell County, TX
1

Thanks to everybody involved that makes this forum possible.

I've got several questions that I hope you all can help me out with.

I am not directly "in the loop", so, anything I say is just my understanding of it, and hearsay, and not anything that I know to be a fact.

One of my 3 brother's wife's recently received a phone call from one Quint White, whom I understand to be a landman for Lincoln Land and Title, and contacting our family regarding

Devon Energy.

It seems that my father's father, Sameul R. Venable Sr. willed the mineral rights to some land in Mitchell County to his children when he died in the 1940's. All of those children are dead, and, to my knowledge, only two of his kids have surviving children. He supposedly willed the rights to 40 acres to each of his children.

I think he mentioned "Block 25, Section 5" to one of my brothers on the phone, but, again, that's not chiseled in stone.

One of my brothers has been in contact with one of our cousins regarding this, and it was all news to her. I honestly don't think my father or any of his siblings were aware of this. It does seem legit, as I often heard my father speak of Colorado City in his youth.

Questions: Do any of you know this landman, or oil company? There seems to be a bit of backtracking going on... the landman says the oil co. is contemplating what they are doing now (my words).

Does this story about my grandfather ring any bells with anyone?

Is there active drilling going on nearby, assuming the above description is correct?

Lots of things could have happened since he passed away. How do I find out if oil or gas products have been tapped without our knowledge and consent, and what to do if that did happen?

"Assuming" that me and 3 brothers each have mineral rights on 1/4 of 40 acres, what would be a fair compensation for drilling rights and payoff if they hit oil/gas?

One of you was kind enough to post the names of local lawyers, and I've made note of that, but, unofficially, does anybody have knowledge of what might happen to the mineral rights belonging to the two of my grandfather's children that had no children of their own? Obviously, their wills would come into play, but what if there was NO further progression in their wills regarding this. Do the remaining families of the grandchildren come into play?

Thanks much for the fine forum, and thanks in advance for any advice anybody has about the above, and anything else that you might want to add.

Joseph R. "Randy" Venable

Bradenton, FL

2

My family has recently signed with Lincoln. They are legit and Devon is currently drilling. Best of luck to you and your family.

3

Thank you!

4

We were initially contacted by Lincoln but got a better offer. We did not realize our parents had retained mineral rights and the landman asked to talk to my father initially who had passed away 5 years ago. Then asked to speak to my mom who had passed away in December. I still don’t know how they found me…but I do genealogy so the info is out there. I was very impressed that they did their homework. We usedTy Wood in Colorado City. He is very knowledgeable. Several of my cousins have used him as well. I think Tom Rees is also very good. His dad or granddad …not sure how old he is…worked with family in the last boom. Not sure about all of the legal but hopefully that can all be cleared up.

5

Cheryl, did that better offer find you, or did you or your lawyer seek it out? Any details would be appreciated.

This event is on my father's side of the family; by an amazing coincidence, my mother's side of the family left us 4 brothers mineral rights in Yoakum/ DeWitt County, and we're into year 2 of our 2nd 3 year lease, so, somehow or other, the landmen know how to find us. No action there that I know of in our case, guess I need to ask some questions on that County's forum.

Thank you much for your reply.

Randy

6

Lawyer helped us get new offer. Our big problem with Lincoln was that they made an offer but gave us little time to accept. There are several sites you can go to to find what makes a good offer. I think one is on main Texas site. Not sure if others have had same experience. This is one of the more active sites. They are now drilling in Mitchell County so that is a good thing!

7

Randy -Devon is very active in the area. The inheritance issue you raise has alot of variables, especially whether there were wills and probates filed on the two with no kids.

8

We had something similar--a land man found some acreage that we did not know we had inherited--we knew we had it from one relative's will but not from the other. This has led to a lot of learning about county records and a search for cousins. Obviously, something must be recorded in Mitchel County for the land man to have found you. We leased with Firewheel last March, I think for $400. or $450. for 3 years and 23% royalty. I believe Devon is reputable.

9

Randy,

I'm afraid I will not be of much help to you, but probably some of the other forum members can answer some of your other questions. I know that Lincoln Land and Title was leasing for Devon earlier this year, and assume they may still be working that area. Devon is a large oil company out of Oklahoma City who apparently is beginning to send some rigs into the Mitchell Co. area. We worked with Lincoln Land and Title when we leased our land on the west side of Colorado City, but the name Quint White is not familiar to me. Perhaps others have worked with him. Sorry I can't be of more assistance. Don

10

Any news on drilling results on property other than the Spires Ranch?

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Can an executive rights holder drill himself and lease the other 50% at an arbritrary rate from the non executive rights holder? What keeps him from offering 1 % royalty in that lease? What keeps him from postponing drilling indefinitely? This assumes that the exec. rights holder has had offers of leasing.