Land and Leasing Oil and Gas
For secretaries, lease analysts, geologists, engineers, and managers. Topics include: prospect acquisition, prospect lead/initial land check, takeoff, leasing and leases, surface agreement, farmouts/farmins. Drilling the prospect: title opinion/abstract acquisition/curative, offset support - dry hole, bottom hole, acreage contribution, option farmouts, exploration agreements, joint operating agreements. Interests and Computation of Interest: mineral interest, royalty interest, overriding royalty interest, leasehold interest - net revenue interest, working interest, net profits interest, production payment. Getting Paid: division order title opinion, division orders, payment, 100% indemnity.
Learning Objectives and Student Outcome:
To provide a concise reasonably comprehensive overview of the land side of oil and gas as it applies to exploration, title, leasing, drilling, production, and revenue for a wide range of persons...secretary's, engineers, geologists, interested persons as well as inexperienced land men... students should have the nuts and bolts and more. Probably too simplified for experienced land men and attorneys, although many have attended previous classes and seem to leave with some new viewpoints.
G. Ernest Gilkerson. BBA, The University of Texas at Austin. Between undergraduate school and law school at The University of Texas at Austin, Ernie served in the U.S. Army during the Vietnam conflict. After law school, Ernie clerked for U.S. District Judge Halbert Woodward. He practiced law in San Angelo, Texas for 6 years, and was a partner in a firm there. He moved to Midland in 1979 to become General Counsel and Land Manager for an independent oil family. In 1981, Ernie went independent in oil and gas and worked with several geologists doing the land side and selling deals. He put together several joint ventures with prospect generators (geologist and geophysicist). He actively began Midland Oil and Gas, Inc. in the late 80's and changed business plans several times—from Exploration generation to acquisition of production and back again. From the early 90's, he has depended on 3-D seismic exploration. Midland Oil and Gas, Inc. is continuing to generate prospects, taking interest in prospects, and acquiring, reprocessing, and re-interpreting 3-D seismic data, and drilling prospects. Midland Oil and Gas, Inc. is also an Operator and operates approximately 80 wells in West Texas. MOG is a small company with 3 shareholders...Ernie Gilkerson, Vice Loftis, geologist, and Tim Goudeau, engineer.
|G017131Q||Nov 21||8:00 am - 4:30 pm|
|Midland College PPDC Building|
|Registered: 12||1.5 hours for lunch||7.0 Hours|