Been a while (very long time) since I and others have heard anything about Ashtabula County. As fast as it heated up it cooled right down. Seems all activity went down south or mid Ohio
A lot of land owners here would like to hear any thought/opinions etc about what the possible future may look like. Please respond in good taste as we have heard all the negativity and doomsayers. We were all told to get ready, clear out old leases, have correct ownership on mineral rights in order and the typical whole nine ards. Land men were trying to be our buddies.
One person told me that when a land man knocks on your door and offers you pennies on a dollar for your rights that it means that something big or new may be coming. Have not seen or heard from any so pickings must be slow
Looking forward to any reponses
Recently read where Ohio law requires oil and gas land professionals to hold a broker’s license to be compensated.
Could / does (in some twisted way) mean landowners / Mineral owners are BOUND to hire a Real Estate Broker to legally negotiate a lease agreement or face having to go to court and sue / settle to collect their negotiated Delay Rental ( Sign-On Bonus / Royalty ? ?
Most of the landmen with whom I've come into contact can barely tie their shoes, let alone pass a real estate licensing exam. Seriously, though, the subject matter in real estate exams should be modified for O&G landmen. While some items are applicable, many are not plus there are special requirements for the landmen. For example, they need to be knowledgeable about the O&G industry. I mean, how many real estate agents know anything about shale wells?!?
Bottom line, its a good idea to set some minimum standards for landmen.
Those are good questions and I see the court left the door open to changes in this area of law. Read link below.....