Need help on understanding the lease

I am being pressured to sign with XTO and not comfortable with the lease. And giving me the impression I will lose out if I don't sign. How can I get help to know what I am signing?

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0ym9x5ag7ury2Permalink Reply by 0ym9x5ag7ury2 on August 19, 2015 at 3:18am

Let me say that since they are pressuring you, that's a good sign that you have something they want.

The answer will be to see a lawyer but it would pay to read the lease and have questions to ask the lawyer. That way you get your moneys worth and learn about leases along the way.

My advice is never sign an Oil & Gas company lease. If they want your land under lease they will sign your lease now, or later.

Permalink Reply by G.H. on August 19, 2015 at 3:29am

If you don't understand the lease, get a lawyer to review it.  Tell them you need to have a lawyer review the lease and that you will get back to them as soon as possible.  At that point, if they are still putting a lot of pressure on and clearly don't want you to get a lawyer, I would be a little suspicious of the contents of the lease.

I doubt their offer is going to disappear.  You never know in this market, but like Ron said, it sounds like you have something they want.

Permalink Reply by Baily on August 19, 2015 at 4:14am
I did mention a lawyer and they said that the lawyer will take some of my royalties. Does anyone know of a good honest lawyer? I am very nervous about all this. They said they were told to come and camp on my property and get in front of me. I don't know what to do.
Mike MurphyPermalink Reply by Mike Murphy on August 19, 2015 at 4:25am

attorney money spent now will pay off later .......of course they don't want you to get an attorney  because they know it will cost them more to get you to sign     most attorneys get a part of your bonus money but none of your future royalties and you only pay when you receive your bonus money  CALL AN ATTORNEY

Permalink Reply by Baily on August 19, 2015 at 4:28am
Also thank you both for your reply. They are talking that time is not on my side that I need to respond this week, last week,weeks ago. They go back and forth about getting a court order
Permalink Reply by Baily on August 19, 2015 at 4:29am
To it in escrow.
Permalink Reply by Teresa Kline on August 19, 2015 at 4:34am

Baily what state and county are you in? But no matter get an attorney.

Permalink Reply by Baily on August 19, 2015 at 4:41am
I live in Hancock County WV. Does anyone know of a reputable attorney?
Permalink Reply by LewPa on August 19, 2015 at 5:26am

Baily,

Take a deep breath and slow down! There is no hurry to do anything no matter what the landman says. Read your lease a couple times at your leasure and jot down your questions that you have. Talk to your neighbors to see what's going on with them pertaining to XTO, did they sign leases, who they used for a lawyer and were they satisfied. Read your lease a couple more times! All this can take days to weeks. When XTO contacts you again, say you're thinking about it and will get back to them when you decide. No hurry, read your lease a couple more times, then talk to a lawyer that is familiar with OG leases. Here in PA they just bill by the hour. Slow down and good luck. LewPa

0ym9x5ag7ury2Permalink Reply by 0ym9x5ag7ury2 on August 19, 2015 at 9:38am

Jeff Rokisky & Associates host the half hour show on Channel 9 each Sunday at 10:30 and a one hour radio show on Saturday at 9 am, 1170 AM Radio.

If they aren't busy from all the advertising then they could help you.

About those Landmen camping out on your doorstep. I know exactly what to do. If you live in the City limits call your local police. If you live in the country, call the Hancock County Sheriff. They exist to protect citizens from any type of infringement on their rights or property.

Permalink Reply by James on August 19, 2015 at 4:50am

Baily--

Do your best to find a good Lawyer. It will come with a cost, but will work out best for you in the end. Remember, you hold the minerals and the power. Do not let the landmen bully you. Take your time and tell them to kick the can until you consult an attorney. 

-J

Permalink Reply by Jim Walter on August 22, 2015 at 8:06am

Did the landman tell you that???  What a crock!  The only way that could happen is if that's the deal you and the lawyer agreed to make.  Find a good oil and gas attorney (emphasis on oil and gas, double-emphasis on "good"), get his/her fee structure, then pay them accordingly, and keep the royalties for yourself.  An alternative is to keep reading the posts to this discussion - there are many sage and useful comments being made by other readers here.  Last, don't be afraid of turning down a deal - if a lease looks and smells like crap, don't walk in it.  You might miss out on bonus $$, but you won't be scraping poo off your shoes for years to come.

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