The general managing partner informed me on 12-26-11 that they have begun oil and gas production on our land and i will be recieving a check for royalty share. I really have no clue about the property as it was inherited. Also he needs me to sign a new operating agreement to form an LLC rather than our current partnership and have it returned before the first. Is there any good news for the property on section 63 block 33 in Ward County, Texas? I have tried to do as much research as possible as the general managing partner said only the one sentence about oil and gas. I am trying to learn as mmuch as i can as fast as i can. Please help
Brianna Shaw
Sounds like you may want to consult an oil and gas lawyer. Especially to look over any new agreements, because you want to make sure you are not signing away part of your interest, and that you understand fully what you are being asked to sign. There may also be other provisions that should be added regarding your rights, obligations and liabilities.
Brianna,
Suggestions,
You need to consult an oil and gas ATTY asap, don't sign any documents until they have been reviewed. There is no rush and when some one pressures you I would guestion the intentions. Never sell your surface or mineral interest. Who is this managing partner, is he a family member?
You need to find out what your royalty share percentage is! Also you should be paid direct by the oil & gas company who has the lease on your property based on your percentage of ownership in the land being drilled.
You can go the the Texas Rail Road Commission on line to find information on the section and block in Ward County, TRRC.
I have used Mr. Robert Scoggins, Lawyer, located in Kermit Texas, he has been in the oil & gas legal legal business his entire life; he is tough. He is old school, His address is P O Box 1197, Kermit TX., 79745, His phone number is 432-586-5871 and FAX number is 432-586-3386. I also have another attorney in Dallas TX that I am currently using.
Hope this helps!