May 26, 2008
Dear George: Seven people have mineral rights on an inherited piece of property. Can one person lease his one-seventh without the consent of the other
parties involved?
Answer: Yes. The owners are tenants in common. The lessee cannot drill, though, without owning more than 50% of the rights, so it is a good idea to work together on these negotiations. You will also need an experienced oil and gas lawyer, as these issues can get very complicated.
Dear George: We added a special provision to the six-month-long listing agreement with our agent. This provision stipulates that we, the sellers, can terminate the agreement at any time during its term with two weeks' notice. Do we still need to sign a termination agreement if we exercise this early-
termination provision?
Answer: Yes. A termination agreement deals with other items that will not become known until you exercise your right to early termination. For example, how do you confirm the termination by all parties without a termination agreement?
E-mail a question to ask George & Chuck or fax it to 713-978-6684. The answers to questions in this column do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney.
