Changes

==Functions of a typical petroleum landman==

==Functions of a typical petroleum landman==

The functions of a petroleum landman, who should be a highly skilled negotiator, vary from company to company. In the case of an independent landman, the functions vary depending upon his or her area of specialization. Generally, these functions can be divided into three (sometimes overlapping) phases (Burke, 1983<ref>Burke, J., 1983, Petroleum Lands and Leasing: Tulsa, OK, Pen Well Books, 176 p.</ref>; Kimball, 1982<ref name=Kimball_1982>Kimball, W. C., 1982, Fee Land Determination (Record Checker's Bible): Midland, TX, Midland Enterprises, 65 p.</ref>; American Association of Petroleum Landmen, 1984<ref>American Association of Petroleum Landmen, 1984, AAPL Comprehensive Land Practices, Chap. I-XII.</ref>):

The functions of a petroleum landman, who should be a highly skilled negotiator, vary from company to company. In the case of an independent landman, the functions vary depending upon his or her area of specialization. Generally, these functions can be divided into three (sometimes overlapping) phases:<ref>Burke, J., 1983, Petroleum Lands and Leasing: Tulsa, OK, Pen Well Books, 176 p.</ref> <ref name=Kimball_1982>Kimball, W. C., 1982, Fee Land Determination (Record Checker's Bible): Midland, TX, Midland Enterprises, 65 p.</ref> <ref>American Association of Petroleum Landmen, 1984, AAPL Comprehensive Land Practices, Chap. I-XII.</ref>

* Acquisition

* Acquisition

* Maintenance

* Maintenance

# Preliminary to obtaining such rights, the landman must determine the availability of the desired acreage by (a) examining the public records, (b) reviewing notices of lease sales, (c) making local inquiries, and (d) observing the activity (if any) of competitors. Also, costs must be determined along with the terms and willingness of the owners to either lease or trade their interests.

# Preliminary to obtaining such rights, the landman must determine the availability of the desired acreage by (a) examining the public records, (b) reviewing notices of lease sales, (c) making local inquiries, and (d) observing the activity (if any) of competitors. Also, costs must be determined along with the terms and willingness of the owners to either lease or trade their interests.

Upon supporting the recommendations to acquire interests, obtaining the funding, and setting the terms of the trade(s), the next functions in the acquisition phase include the following: (l) select personnel; (2) make detailed ownership checks; (3) negotiate with the interest owners on costs and terms; (4) cause or prepare the necessary documents; (5) pay the seller either by cash, check, or customer's draft, or by contract to perform the drilling or services promised; (6) obtain execution and recording of the affected documents; (7) process the documents, financial records, and data necessary to maintain the interests acquired; and finally, (8) perform the necessary "due diligence" or title curative.

Upon supporting the recommendations to acquire interests, obtaining the funding, and setting the terms of the trade(s), the next functions in the acquisition phase include the following: (1) select personnel; (2) make detailed ownership checks; (3) negotiate with the interest owners on costs and terms; (4) cause or prepare the necessary documents; (5) pay the seller either by cash, check, or customer's draft, or by contract to perform the drilling or services promised; (6) obtain execution and recording of the affected documents; (7) process the documents, financial records, and data necessary to maintain the interests acquired; and finally, (8) perform the necessary "due diligence" or title curative.

===Maintenance phase===

===Maintenance phase===

# Release or surrender of interests in leases or contracts as they expire

# Release or surrender of interests in leases or contracts as they expire

# Farm-out, sale, or disposal of oil and gas interests

# Farm-out, sale, or disposal of oil and gas interests

# Keeping land records for federal and state tax purposes  

# Keeping land records for federal and state tax purposes

==See also==

==See also==