A 40 year veteran of the oil industry, Gib’s background is in land and legal. As an oil and gas investor and mineral owner, his expertise covers all aspects of acquisitions and divestures with a deep understanding of Oklahoma and Texas oil and gas laws and regulations.
As a 20 year veteran of the oil and gas industry, Zac specializes in the acquisition and divestiture of oil and gas assets. Zac has a long history of managing lease, mineral, and site acquisition teams for and alongside top tier operators such as Conoco Phillips, Oxy, Chesapeake, and Continental Resources. As a mineral owner, investor, and third generation landman, Zac is able to draw on the generations of experience passed unto him by his grandfather, father, and current mentors to better enable and advise clients in the A&D oil and gas marketplace.
Assess the risks and benefits of selling your specific asset in the current market. If you wait, will your minerals decrease or increase in value?
If you recently inherited your minerals, you may need to probate an estate or file a quiet title suit in order to make your title marketable, which may be required to achieve pay status if the minerals are producing. Most buyers will want any title issues resolved legally before they purchase your minerals.
This step can be particularly difficult because most lack market experience and are unable to identify the best offers easily. Is the highest price the best price available? How can you tell if a buyer is credible and trustworthy?
Once you have settled on an offer, you will be presented with legal documents such as Purchase and Sale Agreement (PSA). The PSA legally specifies the terms of the sale. We can interpret these for you.
The buyer will present a mineral deed for closing, which conveys your interest to the buyer and finalizes the sale. There are many things to watch for, including the granting language, effective date and your rights to suspended funds, if any.