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Disposition Status               updated July 17, 2025
confidential and need to know - please.
Intended as a report to LLC members.

The Content of this website is confidential to LLC Members, and authorized others.  

   See entries under "June 9th" and  "July 12th" for plans going forward 

    terminology:  Advisors - on the Keyser, LLC team,  Brokers - list and sell properties, Buyers - directly buy assets

       (Brokers often call themselves "advisors". For our purposes we are using the definitions above )

   Please contact Edward if you want more detail. 

​

  • June 2023 - Members decide to sell oil and gas assets (see minutes of that meeting here)

  • March 2025 - Confirmed clear title to all properties 

  • April 2025​

    • Reach out to our personal friends and advisors to create and affirm action plan.  ​​

    • Assemble list of brokers and send contact emails

      • Bank of Oklahoma​

      • Detring / Petrodivest

      • Energy Advisors Group [EAG]

      • RedOaks/TenOaks

      • Samuel Energy Associates

      • Simplex Energy - link to marketing agreement    (July 4th) 

    • Brokers are compensated on a combination of retainers and success fees. 

      • Retainers range from $0 to $15,000.

      • Success fees are typically sliding scale from 2% to 10% based on sales price

  • May 2025

    • Some brokers are doing a deep dive into our properties before sending us an engagement letter or marketing agreement [MA]. ​​​​​

    • One broker, in contrast, said, "We can do your deal and sent an engagement letter". 
      Their terms are $6,500 to start and sliding scale success fee. 

    • 13th: Ann and I talk with Larry. Larry offered to consult for free.
      His son is active in Culberson and Reeves and will get back to us 

    • 21st: Brandon, Larry's son, sent an email.
      He may be interested in our properties or refer us to an advisor. 
      22nd: emailed Brandon back more detail. 

    • 21st: EAG sends "gameplan" and initial engagement terms - negotiations begin 

    • 25th: $80,000 May check from ConocoPhillips

      • short: we got it now; we will not get it as part of the disposition

      • longer: $80,000 was a one time event associated with the new Panda wells coming into production, "Panda Flush". Several of the companies doing their due diligence asked about it. The $80,000 is value we, LLC, got in May that potential buyer will, of course, not get and consequently the buyers will "back out" of their offer. 

    • ​29th: add ES3 Minerals to the advisors list above 

  • June 2025

    • Other companies in the mix are: (These companies are "buyers") 

      • 1836

      • Arrowhead

      • Buffalo

      • Hatch - offer

      • Mojo

      • OGX​​​ - offer 

    • 5th: ES3 removed from list (see May 29th above) I thought they were going to "play". They said "do it yourself". ​

    • 9th:  Members roundtable

      • implicit agreement to keep moving forward with the disposition

        • sell the LLC for at least $5,000,000

        • Use advisors and resources to confirm directions and decisions

        • Meet with potential players to strengthen the "gut feel" component

        • Proceed finally with member unanimity ​

    • 16th: OGX makes initial offer:  ​​

    • 17th: Arrowhead questions and Hatch makes initial offer 

    • 18th: intro phone call with Greg G. (works with Brandon),

      • eyes on Tim (LLC counsel) and Dan (Edward's advisor acquaintance) 

    • 25th: $90,000 June Check from ConocoPhillips (see notes on $80,000 above) 

      • Keyser, LLC text group established (to differentiate from "Sibling" text group)​

      • reiteration from super-majority of members to sell ALL the assets

  • July 2025​​

    • 1st: Meetings scheduled in Midland for Thursday, July 10. Meet Greg and separately Karl. These are preliminary meetings to put names to faces and get a better understanding of who they are and how they might fit into our plans. ​

    • 10th: Ann, Dick, Laura, Carolyn, Carl, Edward and Janet in Midland for two meetings. Julie was updated throughout the day.  

      • Meet with Greg G.  Greg will advise the Keyser, LLC sales team [LST]. He is available to consult and sit with LST in meetings with prospective buyers and brokers. His considerable industry expertise and negotiating experience exponentially increases the effectiveness of the LST. 

      • Meet with Karl Reiter, managing member of Simplex Energy. Simplex is a broker. 

        • Simplex is the broker that said, "We do this all the time" (see notes in May (when LST first reached out to brokers)). 

        • Karl said they would change the marketing agreement [MA] date to the end of the year .
          (Simplex MA is hot linked above under the list of brokers)​

        • Karl's confidence and experience are compelling.

          • He has been brokering oil and gas propertied like ours for 22 years. 

          • He has a database of 6,000 buyers. ​

          • He knows the process and can timeline the sales process with some certainty 

    • 12th: going forward: Several buyers and EAG are finalizing their opening bids. These companies have been "working the deal" for months and consequently are ready with "first offers".  LST which is Edward, Janet, Carl and Greg will evaluate the offers and make plans as to which to consider and how to proceed. ​​

      • when LST is ready with a proposal, both Dan, Edward's advisor friend and Larry, Ann and Dick's advisor friend are available to review what we, LST, has done and give their view on LST proposal.  After our advisors review and approve,

      • LST will present the proposal to the Keyser, LLC members for input and vote.

      • this "going forward" is very similar to the "moving forward" noted above on June 9th

    • 14th - 16th: LST met multiple times to share information, knowledge, facts, data and thoughts. 

      • In an effort to preserve the integrity of our work and secure the best value for your assets, 
        LST i        nformation is limited as the process and our subsequent strategy unfolds: 

        • We want a strong negotiating position with the other side of the deal

      • Greg is leading our process review and development - bringing his industry expertise and experience 

        • We put on hold working with brokers and buyers for a few days to gain a better understanding of exactly what we do own and exactly what we are selling; which improves our bargaining leverage.

          • Armed with more information, we will be better equipped to inform and work with interested companies 

          • Being knowledgeable and informed will allow us to value our holdings realistically and help others see the value. 

      • see July 12 and June 9th above for a broader view going forward.
        Closes are complicated and often multi-stage. An LST goal is to close this year. ​​        ​​​​​​​​​​​​​​​​

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