Oil and gas leases can drastically effect how professionals handle a property. Landmen, for example, need to stay up to date on the latest oil and gas leases of a property to know how long the company has a right on the property. Leases may include provisions about drilling, pooling, and royalties. Landmen need this information to stay within their rights according to the laws of oil and gas lease agreements. The faster you obtain gas and oil lease information in the county you’re interested in, the easier it will be for you to make decisions about a property.
Expertly Navigate Legal Negotiations
Oil and gas leases can be complicated, with a long list of terms and conditions regarding the oil company’s rights, responsibilities, and obligations to the property owner. These leases are legal agreements between a property owner and a company, allowing exploration and/or drilling for resources on a property.
An inexperienced property owner may not know the complexities of a leasing agreement with an oil company, and may not understand his or her rights as a mineral owner. For this reason, landmen must be fully informed about current oil and gas lease information to avoid overstepping the terms of the agreement. It’s up to an experienced landman to talk a property owner through a lease and make an amicable legal arrangement.
In Texas, an oil and gas lease is a mineral deed. This means when a lessor signs an oil and gas lease, the lessor gives a portion of the mineral interests to the oil company for the duration of the terms of the lease. When a lease expires, the interests revert back to the mineral owner. Oil and gas researchers must be aware of the dates on a current lease to know when to approach the mineral owner to renew the lease. Otherwise, the oil company can lose its rights to the property and the interests.
Landmen need to be experts in the current oil and gas lease information of a particular landowner to be able to negotiate, and compete, for a lease. CourthouseDirect.com’s free Lease Alert can immediately notify interested parties of any oil-and gas-related documents filed within your target county.
This instant notification gives your oil company the opportunity to approach a landowner before the competition when a lease expires. Part of being a successful landman is knowing all of the essential information about a piece of land — especially the leasing information.
Types of Oil and Gas Documents Beneficial to You
The oil and gas industry operates smoothly because of numerous documents that give information about properties in question. Without documentation of oil and gas leases, an oil company would not be able to stay on top of the oil within the counties of interest.
Lease Alert gives you immediate access to crucial information, sent directly to your email within days of actual filings. These documents include oil and gas leases, memorandums of leases, ratifications, mineral deeds, royalty deeds, pooling agreements, and unit designations.
Being the first to know current lease information gives your company an edge over the competition. It also helps you negotiate with land owners, since you have the ability to answer questions, explain the terms of the previous lease, and state why signing a lease with your company will be beneficial to the land owner. For example, you can encourage the landowner to sign by adding special provisions to the lease agreement that he or she did not have with the previous oil company.
No matter how you choose to use your real-time gas and oil leasing information, it’s sure to help you and your company excel in Texas’ industry. Learn everything you can about current gas and oil leases in your area to stay on top of the industry.