Ashtabula County Ohio.....Any news..any hope, any and all thoughts.

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

Thx

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Permalink Reply by Joseph-Ohio on October 3, 2018 at 6:47am

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 ? ?

Permalink Reply by Bluflame on October 3, 2018 at 10:22am

 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.

BluFlame

Permalink Reply by Joseph-Ohio on October 3, 2018 at 12:36pm
Thanks Blu'. Agreed regarding minimum standards for landmen being a good idea but, my inquiry isn't pertaining to that particular aspect. First....the notice / article I read said it is Ohio law that landmen negotiating leases that would be considered lawful / legally binding would have to hold a valid real estate license (not being a lawyer myself and only as I understand what I've read anyway.) Extrapolating from that point I wonder if some (perhaps not very scrupulous) E & P / Driller / Developer would not honor a lease that wasn't 'brokered' by a licensed real estate individual / entity. In other words my question is : If a landowner / mineral owner (who does not have a real estate license) would act as his own landman, would that landowner / mineral owner be at risk of having to go to court and sue to have his negotiated lease honored / end up having to settle for something less. My thinking may seem cynical to some (even perhaps many) but reading about all of the lessors winding up in the courts battling with their lessees over terms / conditions / compensation / other short comings causes me to think that way. What's your opinion on my inquiry / perspectives Blu' ? ?
Permalink Reply by Gary L on October 3, 2018 at 5:23pm

Joe,

Those are good questions and I see the court left the door open to changes in this area of law. Read link below.....

http://www.bricker.com/industries-practices/oil-gas/insights-resour...

Permalink Reply by Bluflame on October 4, 2018 at 2:14am
J-O
I believe there is still a lot of water to flow over the dam before any changes occur to landmen regulations. In fact, I'm not sure there have ever been any regulations. Of course, the danger with government intervention is the possibility of making a bad situation worse. The best scenario for us is to keep monitoring the dialog.

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