Patrick assists his clients with a wide range of oil & gas related matters. If you have a question regarding your issue, don't hesitate to contact us to determine how we can be of assistance.
Listed below is a partial selection of services offered.
Lease Negotiation
Patrick represents owners in their negotiations with oil companies.
Escrow Services
An attorney acting as intermediary greatly reduces the risk to the owner and ensures that the oil company upholds their end of the transaction.
Tax Optimization
The Federal Tax Code offers a special deduction, known as depletion, for oil & gas royalty income. Recipients of royalty income can claim either “percentage depletion” or “cost depletion.” Percentage depletion allows a deduction of 15% of income; meaning 15% of the royalty income is not taxed. Alternatively, cost depletion is even more beneficial, and eligible taxpayers may deduct the full fair market value of their mineral interest against their royalty income over time. Contact Patrick to determine whether you might be eligible for the cost depletion deduction.
LLC and Trust Formation
Some owners may wish to transfer their interests into an entity such as an LLC (Limited Liability Company) or Trust. Entities can simplify management of the oil and gas interests while avoiding fractionalization of the interests as more family members receive interests.
Other Services
Deeds and conveyances of land, minerals, and royalties
Pipeline Rights-of-way negotiations
Surface Accommodation Agreements
Releases
Patrick values his relationships with his clients and takes a multidisciplinary approach toward advancing their best interests through a variety of other services offered in conjunction with oil & gas matters. In particular, Patrick can coordinate with other professionals such as CPAs and fiduciaries to ensure that the unique nature of oil, gas and mineral assets are properly considered.