Our attorneys at Gossett, Harrison, Millican, & Stiponavic, P.C. have an extensive portfolio and understanding of oil, gas, and mineral law. We represent land and mineral rights owners, as well as oil and gas leasing and production companies. Our firm has been providing West Texans with oil and gas consulting since 1932.
Like all contracts, oil and gas lease agreements must be carefully constructed, balancing the needs of all parties involved in order to create a mutually beneficial relationship while avoiding liability.
New technologies are being developed daily in the oil and gas industry that are making it easier to not only locate new oil and gas reserves, but to extract oil and gas from formations once thought to be un-productive. These new technologies have brought, and are continuing to bring new exploration and production to a number of counties in West Texas.
When trying to determine whether or not a portion of land is ideal for gas or oil production, a number of different steps are undergone. In most cases, a company will assemble the science and technology for the project, acquire all necessary leases and then solicit partners to participate by paying part of the cost. As an alternative, they may sell the project outright to another company, which then goes out and solicits partners. In each of these arrangements, various rights and agreements must be settled on.
The role of any given party with an interest in a project is dictated by the joint operating agreement. These agreements can be extremely technical and extensive, so it is critical that the agreement be handled by experienced attorneys who are specialized in the field.
Gossett, Harrison, Millican, & Stiponavic, P.C. deal with exploration agreements and all related matters, including farm out, title opinions, leasing agreements for drilling for oil and gas, joint operating agreements and more. For more information or to discuss your case with one of our attorneys please contact us at 325-653-3291.