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Friday, November 20, 2009

Lawyer Says "Don't Sell Hydrocarbon (Oil & Gas) Rights"

Shoot down offer for hydrocarbon sale, experts say

Sun Gazette

"Throw it away."

That is local attorney Lester L. "Bud" Greevy Jr.'s advice to landowners with natural gas leases who have received offers to sell their hydrocarbon rights to Griffith Land Service Inc., of Houston, Texas.

A copy of the offer provided to the Sun-Gazette by Raymond R. Mattie of Montoursville, includes a bank draft - in this case, for $152,000 - a deed and instructions on how to execute the deed and a cover letter explaining the offer is valid for only 30 days.

By agreeing to the offer, the landowner is selling the rights to any future gas and oil royalties, said Greevy.

Mattie declined the offer and advised several other land owners to do the same.

"I talked to a couple people and they were ready to sign this thing, not knowing what it was," he said.

Landowners can earn "far more in royalties than what is being offered by selling (gas and oil) rights ," Greevy said.

"They should throw it away," Greevy said "This is an offer to purchase oil and gas rights. If they sell that, their gas and oil rights are gone, gone, gone." More....

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