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Question
I have a 5% working interest in a gas well in WV that I inherited from a deceased relative.  The well is still being operated and all invoices for servicing of the well have been paid up-to-date.  The gas well is barely breaking even (in fact, it's a small loss every month lately) and I want to move on from the well.  

The company that services the well has horrible customer service and I've been to my wit's end trying to work with them to move the well off of my books.  At one point a month ago, they were willing to "buy back" the Working Interest I own (knowing full-well the losses), but the paperwork never materialized.  

I am willing to move the Working Interest to anyone or just walk away from it, but don't know how to make a move without help from the company that is servicing the well.  Can I work with the state of WV to transfer the title?  Is there a way to just rid myself of it?

Thanks.

Answer
Yes - there is hope.  There are online auctions that you can go on and divest yourself of the interest.  You would basically put the property in as a "no-reserve" and see what you can get.

Here is the web address for one that I know of that has pretty good readership numbers and would provide you a decent opportunity to divest yourself of the interest.

The state will not be much help to you since your issue is a contract issue.  It would be like the state taking over any other real estate for you when it is losing money - there really isn't a mechanism for it.  The auction is your best bet.

http://www.ogclearinghouse.com/


Hope all works out.

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Cliff Williams

Expertise

I will try to answer any question you have. Even if I reject a question, I still will give a shot at what I would do in your position. The only questions I will not take a shot at would be a highly technical engineering or geological question. I am beginning to see quite a few questions from land men and other oil companies and that doesn't matter to me either. I will attempt to help.

Experience

I am an oil and gas attorney that has been in the business for more than 20 years. I have held a series 22 and 63 securities license, been in oil and gas operations, land man, division order analyst all prior to obtaining my law degree. Today, I typically write title opinions verifying ownership of oil and gas minerals, assist landowners in negotiations on oil, gas and mineral leases, easements and conveyances. I also assist oil and gas companies with the sale of working interest ownership as well as common business law issues.

Organizations
State Bar of Texas, Member of the Tarrant County Bar and the Dallas County Bar Associations.

Publications
Multiple oil and gas topical columns on ezine.com.

Education/Credentials
I have a B.S. degree which I rely upon more than my Business Mgmt degree or Law degree...

Awards and Honors
Husband and father of 26 years

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