Our guest is Jimmy Wright, Certified Professional Landman, Certified Mineral Manager, and President of the National Association of Royalty Owners (NARO) Foundation. In this discussion, we cover a lot of ground from a behind the scenes look at what landmen do, when a mineral manager or consultant can make a big difference, how the NARO Mineral Management Program can help you, and a lot of actionable advice on how to get the best oil and gas lease and how to properly manage your royalties. Which brings me to the sponsor for this episode:
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About Jimmy Wright
Jimmy Wright graduated from Southwestern University in Georgetown, Texas with degrees in Spanish and Political Science. After a tour with the United States Army, he began his career as an independent landman in 2004. He has served in many capacities since then, including land manager and executive level leadership for multiple oil and gas operators. He holds an MBA with a focus in Land Management and received both his Certified Professional Landman (CPL) and Certified Mineral Manager (CMM) designations in 2011. Mr. Wright has volunteered in various leadership roles within the American Association of Professional Landmen, the National Association of Royalty Owners, the Permian Basin Landmen’s Association, and the Austin Professional Landmen’s Association.
We Discuss
Introduction
- Where did you grow up and where did you go to school?
- So I understand that you did a tour with the US Army. What was that like and what was your role?
- What made you decide to work in oil & gas after the Army and specifically what attracted you to become a landman?
Landman Life
- For our listeners who might not be familiar, what does a landman do in the oil & gas industry? In other words, tell us about a typical day in the life of an independent landman?
- Have you always been an independent landman or did you ever work in-house for an operator?
- Where did these companies operate?
- When did you decide to go off on your own and start your own company?
J Dub Enterprises
- So tell me about your company, J Dub Enterprises, what services do you provide?
- What types of clients do you serve?
- What are some of the most common issues that your clients face?
- How do you help these clients address these issues?
- When should mineral owners think about enlisting the help of a landman (minerals manager) vs. trying to go it alone?
Practical Tips
Let’s talk about some actionable advice for our listeners. Some of the most common events in the lifecycle of owning mineral rights and royalties are leasing your minerals and the subsequent events that hopefully occur.
- For mineral owners that are negotiating their first oil and gas lease, what are some resources that you would recommend to help them get the best offer?
- When should someone consider getting help from a landman or attorney when negotiating a lease?
- What are some of the most important lease clauses to be aware of from a mineral owner perspective. You always hear about the lease bonus amount since that is an immediate payment but how do you like to think about balancing the royalty rate and other lease provisions vs. a higher lease bonus?
- In terms of other major events that occur after you sign a lease, hopefully the operator will drill a well. Before you start getting paid you will get a document called a Division Order that will specify your decimal interest in the well or wells. What should royalty Introduction (I think we covered this topic already)
NARO Foundation
So we met on the board of the National Association of Royalty Owners and you were recently appointed as the President of the NARO Foundation. Congrats!
- While I’ve had a few other board members on the show and I’ve talked about the organization in the past, what is the role of NARO and how does the NARO Foundation fit into the picture?
- What is your vision for the future for the Foundation?
- Let’s talk about the Mineral Manager Program. I understand that this program was just revamped and there are designations for the new certification levels. Tell me about this change and what are the benefits for mineral owners who want to take a more active role in managing their assets?
- Where can people go to find out more about the Mineral Manager program and the RMM/CMM designations?
- So it is important to stay on top of developments in the minerals and royalties space as there are new laws and precedents that continue to evolve. What are the continuing education requirements when you become a RMM or CMM? What type of events or meetings qualify for CE credits?
How to Contact Jimmy
- JDub Enterprises Website
- email: contact@jdubenterprises.com
- phone: (432) 557-6311
Resources Mentioned in This Episode
- MRP 6: How to Negotiate an Oil and Gas Lease
- MRP 16: What You Need to Know about Oil & Gas Division Orders
- MRP 3: How to Calculate your Net Revenue Interest in 3 Simple Steps
- National Association of Royalty Owners – Mineral Management Program
- American Association of Professional Landmen (AAPL)
- AAPL – Public Directory (Where you can see if a landman you are working with is an AAPL Member)
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