I just was contacted by a land man about an offer to lease 654 acres of mineral rights I own in Lynn County. If I go to the county courthouse can I find out where it is located and what my percentage is of the minerals? Any info would be appreciated. I am in Block 12, Section 134.
Camille - the fastest way to find out is to ask the landman who called you. Prior to calling you, he will already have done the work to determine your acreage, and he will know the location. It is possible to figure out your acreage at the court house, but this can often be a long, lengthy process, especially if you have never done it before. There is no simple record showing how many acres you own.
Camille, if you'll send me also the name of the Survey (the Block and Section numbers are within that Survey), I can look it up on my plat map and tell you where it is.
As for percentage, that's determined by deeds, wills, etc., throughout the history of the land...which is why it can take so much time doing research if you don't have the documents.
Camille,
If you are computer savy, there is an overlay for google earth that allows you to see where the sections are, I think it is free for a month. Check out Earth Point Texas Survey.
Thank you, all fellow Lynn County Mineral owners. Happy to share with all of you, and thanks for sharing with me. Camille
Question of the day: my attorney has negotiated an exhibit A to the offer from Shell, and I signed it. He told the land man that it is good for 30 days or no deal. Will they belly up to the bar in that time frame? What has been your experiences with the bonus payment and lease commencement?
I have 160 net mineral acres in this parcel, and another 3/4 of a section in Lynn County that is not under negotiation. We agreed on $450/ac bonus, 25% royalty, and an oil & gas attorney in Dallas negotiated the terms.
Thanks, Camille
By the way, my attorney is holding the signed lease.
Camille, it probably depends on what is is the addendum or Exhibit A.
I just wanted to let you know that my extended family has 2 sections of land in Lynn county divided into 8 lease contracts. Some of us used a land man to negotiate the contract and some used a Lynn County lawyer who negotiated directly with Shell. All of us negotiated a 3 year contract with an option to extend for 2 years with 25% royalty. The bonus for the 1st three years is $450 per acre. If Shell wants to extend for an additional 2 years, then it's $500 per acre. You might want to consider asking for the $500 bonus for the additional 2 years.
FYI - our lawyer says that Lynn County is all they're talking about inside Shell right now.
David, Thanks for the info. I passed it along to my attorney. He said we shouldn’t retrace the deal at this point, unless they delay past the 30 days he gave them to pay the bonus and execute. However, that is good to know if shell wants my other 3/4 section. Are you using the same attorney Paige uses? Thinking I may contact someone where the action is for this unleased part,
Camille
Camille, I'm using Calloway Huffaker in Tahoka.
I just booked my hotel room for the National Assn. of Royalty Owners (NARO), Texas chapter, convention in San Antonio June 13-15. Last year I was lucky and found out about this a few weeks before and was able to attend. I was so new at this, and couldn't believe how much I learned - it was WELL worth the time and money. I would heartily recommend this to anyone who wants to learn more about minerals leasing, royalties, etc., and/or wants to make contacts with other mineral owners or industry speakers. More info at http://naro-us.org/Texas - they don't have the online registration form available yet, but hotel info is there for NARO block rate. They'll post speakers/agenda later.
Once it gets closer, let's find out who else from this group is going, and try to connect there! You'll meet people from all over the US.
Has anyone dealt with, or tried to deal with, David Meaux of Coastal Land Services on any leasing transactions. I spoke with him in February and verbally agreed to lease, but to this date, have received no lease or any correspondence since. I used an attorney to negociate terms and the attorney now has not been able to get any response from Mr. Meaux. Curious if others have had same experience or know anything about him or his company. Wondering if he is legimate. THANKS!
I have heard of Coastal Land Services, but not David Meaux. According to their web site they are based out of Louisiana, and with a last name of Meaux, that would seem to fit French Louisiana. That said, Coastal sent me a lease proposal about a month ago and my attorney is reviewing the proposal. I think my attorney e-mailed them last week, but I do not know if there has been a response from them yet.
David Meaux is the landman for Coastal (Shell is their client) that I've been working with. I haven't heard from him in a few weeks, but I know he was working on the title research, and working with Cal (Huffaker) to get all our leases completed. David's been in the business for 5-6 years, so isn't one of the new young kids.
Cal told me a few weeks ago that there is so much title work to be done for the 300,000+ acres that Shell's leasing that Coastal's top brass came to town to see what they could do to facilitate the title work, getting leases signed, etc., and were hiring additional people to speed along the title work. CAUTION - be sure to check your leases carefully. I found several mistakes (names, tract description) in the first lease Coastal sent to Cal for me to sign.
Thank you for the insight Paige. BTW, my attorney found a couple of clauses in the first lease proposal that was sent out by Coastal, and maybe what you mentioned was one of the problems he saw. Thanks again.
The guy that I am talking to from Coastal is John Duffy from LA also. He
gave me a lease to look over and my knowledgeable oil friend said that it needs to be gone over very carefully on each paragraph. Coastal told me that the highest they would go was $450, 25% and a 1 and 1 option of $500. (They started at $425 and 22% and I said no way!) I was called this week by another leasing company that was gathering info and will be in Lynn County next week. He does not work for Shell, or SWEPI, LP. If all of us would just say what we are offered then we could negotiate much more comfortably. These guys are not our friends--it is their job to get the best deal they can and we need to get the best deal we can!!! Please share all information and offers.
Hi Klingman. Yes, my attorney saw a couple of items in the Coastal proposal that he did not think were in my best interest. They did offer $400 and 22% and option at $250.
Hey Paige: Have you leased yet? Have you been back to Tahoka since we spoke and if so what is going on now. Is $450 per acre bonus, 25% and $500 for the 2-year option still the going rate and has Shell drilled anything that is producing?
Mother and I drove some of Lynn Co. on Monday. We came from Brownfield, and saw Shell's rig right on the north side of US 380, close to West Point. Word is they'd finished the vertical well there, set the cement casing, and are waiting for the horizontal rig...and are very secretive about their results. Good signs, I'd think!
We then headed south on 3112, then west on 2053. We have royalty on part of a section where 2053 turns south, and it's been leased, but we didn't see any activity there (no pad, no rig, etc.).
Turned around and went east on 2053, through O'Donnell, and all the way to 1054. Saw several new pads and action west and n/w of O'Donnell, and a new pad on the south side of 2053, in the first section east of 1054...but nothing on our tracts leased in that area by KEW - drats!
Came back to O'Donnell then headed back to Lubbock up US87. There's action on the new pad I saw in Aug. on 213, just west of US87, but we didn't go closer to look.
Frankly, I don't know what to look for, or what I'd be seeing (other than a new pad, a rig, or a pumpjack) - I wouldn't know the difference between a rig for a water well vs. an oil well...or a horizontal vs. a vertical rig. Maybe I can learn some of that at the NARO convention in San Antonio!
I still have some issues with the lease I was sent from Coastal (for Shell), so nothing's signed yet. Same offer as you mention. There are some new players making offers (to beat Shell's) in the northern part of Lynn Co., but we don't have any tracts there, so I don't know details.
I am getting my lease paperwork as I want it and will be ready to go over it with Coastal next week. Is the going rate still $450 3 yrs, $500 option and 25%. Has anyone heard any different? Please share information. Thanks