I just got a call last year and the guy wanted me to sign a contract for XTO and I have no idea what it is so I haven't signed

Views: 295

Replies to This Discussion

Give us some details.

Said my Great G grandfather owned it 1908. Says its 85.065 net acres and mine is .0019 and has a 500.00 sign bonus and is in paw paw district Marion County WV. I don't understand any of it I don't mind selling but have no idea what I am signing

So you inherited about 0.16 acres of oil and gas interest.  You should team up with other family members.  They should have been approached, too.  You can get better terms, and maybe a better bonus if you do.  If you want to go crazy with genealogy, you can trace all of your great-grandpa's descendants and team up with them.  That will take a huge amount of time, though.  I know because I used to work as a landman.

Whatever you do, make sure to get a No Warranty of Title clause, and and Indemnification clause.  Those will help to protect you from future legal issues.  Not that anyone can predict what will happen in the future, but those clauses will certainly help.

RSS

Local Groups

Latest Activity

Events

© 2019   Created by Keith Mauck (Site Publisher).   Powered by

Badges  |  Report an Issue  |  Terms of Service