My husband died unexpectedly in January and I am his only heir. We were married for 38 years. Unfortunately, he was younger and still bullet proof so he had no will. This has left me in a bad place because I can't afford a lawyer to straighten out everything and get it all in my name. To the best of my knowledge the mineral rights are in in Montague, Wise, and Jack counties. I have been collecting all the paperwork and tax bills.
I can't afford the lawyer because everyone learned my H was dead and suspended all my payments. This left me in a terrible bind because all of a sudden, H was dead and the money stopped coming. Income I counted on just disappeared. No one will tell me anything because I guess they legally are not allowed to. My best guess is there's about 10K just sitting there. Next, 2 wells were just finished and they need to set up division orders. I have to get all this mess cleaned up now to get the money. My understanding is there is also a large lease coming up in December that I won't be able to negotiate.
I don't live in Texas but it's my understanding that I have to file Affidavits of Heirship, and certified copies of the death certificate and marriage certificate. I believe the Affidavits need to be signed and notarized by me and long-time friends/relatives. After this is all done, ownership transfers to me. Then the suspended monies should be released as well. I have to do this in every county and have accurate legal descriptions of all the parcels. Am I on the right track so far? Do I have to send all this information to the oil companies too or does the State tell them to release my money?
Here's the conundrum. One of the companies that owns one of the leases has made me an offer. They want me to sell them my interest in ONE WELL ONLY for 30k, not the mineral or any future drilling rights, payment deferred to next year at my request(because of taxes) and they will change ownership for me on all the parcels I own in all the counties mentioned. In other words, they will also give me use of their Land Man. I don't really understand why this very smart, many times a bejillionaire would do this. The well pays me about 10K per year and has been producing since the late 80's. Even I am smart enough to know it should be at the end of it's lifespan. Why would he do this? Millionaires are millionaires for a reason and they don't usually off to help widows for nothing.
This would sure take care of my problems. I just want to be sure I'm not doing something really stupid! What do you think? What's the downside to this?
If that well is paying you 10k per year then offering 30k isn't a very good deal for you. That's where they are making their money. A more normal payout for steady production would be in the neighborhood of 6 years, not 3 as this would be. The fact the well has been producing since the 1980's isn't a bad thing at all. That tells me it's a very steady producer unlike most horizontal wells currently being drilled. I am a landman and though almost all of my work is in Oklahoma and not Texas i can assure you it wouldn't take a ton of work to get you into pay status. If you are wanting their landman to take care of everything for you i would at the very least ask for the going rate which would be closer to 60k.
I would file a one page affidavit of heirship signed by someone who knows you and your husbands history and have it notarized and file it in each county. Send it to companies along with a copy of the death certificate. Then I would call them every other day until they took it out of suspense. You have to prove to them that every time they get you off the phone that you are going to call back and not go away. Amazing how fast they will work when you get this point across.
If the going rate would be @60K, then I should subtract for what the average Land Man would charge. Right? What would that cost?
Assuming the well continues to produce, you may well be right, it's a lowball offer. The family has had dealings with this person for years and my H told me he had learned the family had been leasing to him for considerably less than what the leases were worth. Of course I haven't told this man I am aware of this fact.
Over the years, we have received literally hundreds of offers to buy our mineral rights. My H always said we should never sell and the offers were too low and even laughable. Generally speaking the offers were usually for 3x what we were getting per year on the property. I thought this offer might be reasonable because it was only one well and didn't involve giving up any rights or future benefits on that land.
I've been trying to learn and read and everyone tells me wells produce less over time. And therefore they are worth less. Is this not true? I'm wrong thinking a well drilled in the 80's is on it's last legs? I do know that pay amounts have varied some over the years because of the price of oil but the production has really remained quite steady.
But the fact also remains that I can't afford to pay a lot of money to get this switched over and people are holding on to money that should be mine.
I would file a one page affidavit of heirship signed by someone who knows you and your husbands history and have it notarized and file it in each county. Send it to companies along with a copy of the death certificate. Then I would call them every other day until they took it out of suspense. You have to prove to them that every time they get you off the phone that you are going to call back and not go away. Amazing how fast they will work when you get this point across.
THIS, I can do easily. I am capable of being a thorn in their sides!!!
I'd think twice before selling 'interest' in 'only one well' for 30K - 'lifespan' means nothing - you might find youself getting -0- when they re-complete that old well as a horizontal and/or drill it to a deeper substantially-more-productive depth.
You will also probably get -0- for ANY and ALL acres related to this well - whether they drill horizontal or otherwise, now or FAR into the future. If you do this without getting YOUR lawer to go over it, you will be taken to the cleaners.
If they're offering you 30k, they probably have some plans, or knowledge that they are not letting on - I'd request they disclose this, or pay you 60k, 90k, or even 120k if you really need the money.
Thanks! I have asked them to send me the legal description and I will also ask them to disclose their future plans for the well. What you said could very well be true. Thank you.
oldoak said:
I'd think twice before selling 'interest' in 'only one well' for 30K - 'lifespan' means nothing - you might find youself getting -0- when they re-complete that old well as a horizontal and/or drill it to a deeper substantially-more-productive depth.
You will also probably get -0- for ANY and ALL acres related to this well - whether they drill horizontal or otherwise, now or FAR into the future. If you do this without getting YOUR lawer to go over it, you will be taken to the cleaners.
If they're offering you 30k, they probably have some plans, or knowledge that they are not letting on - I'd request they disclose this, or pay you 60k, 90k, or even 120k if you really need the money.
Don't sell the well. Todays Oil Companies that want to purchase your minerals, tell you what they are going to do in the Big Print, and then steel all your minerals in the Small Print. IF you toss that letter for 30, it will be followed by a larger one I promise. We have wells that have been pumping for 80 years, and they get cleaned out and keep going. Don't sell, find another way. First of all you need an attorney, perhaps you can work out a payment plan with him, to pay him after he helps you get stuff in your name. If you need a good one, call Jason Wylie 817.262.0902, Oil and Gas Attorney out of Arglye Tx, Will talk to you and give you little advice on the phone. Great Guy, honest as the day is long. Breath Patty, then take action, all my brothers above have given you good advice. Be patient.
Don't be bullet proof, make a will, cause in Texas if you don't have a will, Texas has one for you, and most likely you will not like it.
God Bless and continued success in all your endeavors.
OK, I got the Death Certificate, Marriage Certificate, and Affidavit of Heirship. Now it has to be recorded in Montague County. Any words of wisdom on how to do that?
Call Montague county recorders office and ask them how much it cost to do it by mail with the originals returned by mail unless you are close enough to drive there. I would send the funds as a money order so you don't have to wait for a check to clear.
patty laird said:
OK, I got the Death Certificate, Marriage Certificate, and Affidavit of Heirship. Now it has to be recorded in Montague County. Any words of wisdom on how to do that?
Forgive me if someone else answered your question about exact legal descriptions having to be filed in your case. It is my understanding, it is best to use legal descriptions, but not required to transfer ownership of mineral interest.
You need a lawyer. Write to me at [email protected] and i will give you the name of one I used to clear up some nasty stuff. He got my money, then took 5 %. Not until I got all my money. he is an oil and gas atty in Houston. You will never win this fight if you don't lawyer up. There are some good ones out there.
You need a lawyer. Write to me at [email protected] and i will give you the name of one I used to clear up some nasty stuff. He got my money, then took 5 %. Not until I got all my money. he is an oil and gas atty in Houston. You will never win this fight if you don't lawyer up. There are some good ones out there.
I figured him out. If I had agreed to his terms, he would have redrilled the well vertically and horizontally and probably cleaned me and my neighbors out! And paid us NOTHING!
Cookie Gartner said:
That very smart kazillionaire knows something he does not want you to understand. I think you know that.