Advice appreciated

[txlonghorn47]

So I was all set to start a new job as a landman for Western Production Company in Ft Worth this coming Monday.

The job would be running title to find out who owns the mineral rights to land and then going out and getting the owners to sign leases to let the company drill there. It would involve being out of the office quite a bit and having alot of freedom. The drawback would be that you are a private contractor on a month to month contract. Private contractor would mean no benifits and no taxes, so I would have to save money to pay that at the end of the year. Also like I said you are on a month to month contract. Luckily the guy who is in charge of the contracts is a very good friend of mine who has assured me that as long as the work is there and that he is there I will have my contract renewed. It is quite a bit of money, so paying for insurance and such wouldn't be a problem. The hours are 8-5 M-F and some Saturdays every once in a while.

But then today my sales manager at Sheridan offered me a full time sales position to stay there. I would be sharing a subdivision with another sales person meaning we would have to alternate customers on who got who. The earning potential is a little higher, but the keyword is potential. With the market like it is and this being the slow time of the year any way I'm almost positive that I could make more doing the landman thing. But I would have full benefits health, dental, 401k with a 100% match. The one thing that really bothers me about that though is I would have Monday and Tuesday for days off. I know to some that wouldn't be that bad, but I am 24 and would still like to have some kind of social life and with all my friends being off on the weekends that would be pretty damn hard. Not to mention that it is in Waxahachie, and it makes me feel like I might not ever get out of this area.

So I am really in a bind here. Do I take the chance on possibly not having a job in 6 months and try something new, or do I take the sure thing that I'm not so sure I would be that happy at?

I've talked it over with my mom, dad, and stepmom and I'm still going rounds.

Any guidance would be appreciated.

[Mr. Peabody]

The way the gas/oil market is right now, I can't imagine you not having a long term job being a land man.

As for the other job, benefits are really nice to have. As a sales rep, do you get a commission with the job or is it just salary?

[Silverado]

I know I couldn't do something that I really didn't enjoy, despite the benefits that come along with it.

[Phil Elliott]

If you don't have an oil well, get one! You'll love doing business with Western!

[HornMafia]

You're 24. You still have time to make some risky decisions and make up for it.

It sounds like you want to take the landman job. Go for it.

[Music City Mafia]

As you said, you're 24. So this is probably a good time to get out and try something else, gain some new experiences while making some decent $$.

Benefits are important to have and locking into a career/employer where you can get that at some point will be nice, but it's not as though you can't take some of your earnings from the landman job and invest it on your own (or with the assistance of a financial consultant).

Just my 2 cents...

[orange dream]

Do you have any sort of chronic illnesses? (Diabetes, Heart Abnormality or Disease, Asthma, Cholesterol, etc.)

If so you may have issues having those things covered on an individual health insurance plan. Probably not an issue for you, but just something to think about.

What did your parents say?

I concur that the Barnett Shale play should still have some legs and will likely keep you busy driving all over northwest Texas for the forseeable future.

Finally, if you do the contract route make sure and set up a separate savings account for taxes and DO NOT TOUCH IT.

[Markaholic]

Don't worry about the 1099 employement and having to hold back your own taxes. It's an added responsibility, but you get used to it. You don't have to wait until the end of the year to send it in either. You can do it quarterly or whenever really. THAT shouldn't be part of your concern.

Benefits for a young single male aren't that expensive and just because you have to write the check yourself, that is no big deal. Shouldn't be a concern.

Texas is a "Right to Work" state. Employers can hire and fire you any time for no reason. You could easily get laid off from Sheridan as fast as your contract dries up. There's not a huge difference in job security from w-2/perm to 1099/contract. If you buddy says he expects it to continually extend then ask more about how far out it might/could go.

I agree with the posts above. Seems like being a Landman might open other doors. RE is slowing and you can ALWAYS get back into that. Take a chance. Go for it.

[dahorns]

Oil/gas is going to be a booming part of the economy for quite some time (at least the 3 or 4 years) based on conversations with clients.

real estate is going to suck the rest of this year and definitely in 2008, based on conversations with friends in real estate and mortgage biz. I also dabble a little in real estate, so I tend to read and try to stay current/up-to-date as an "ametuer" slumlord

If you're compensation is sales related vs. guaranteed salary, well then the math is pretty easy.

If oil&gas gig plays out in a year or two, you could always go back to real estate since you have experience in the field.

You never know, the oil & gas opportunity might open doors that you didn't realize were there.

good luck

[BevoisaSoxFan]

I agree with everyone else here. You're only 24 so now is the time to roll the dice. I did the same thing at 26 when I went to work at a starving start-up here in town. I got tons of equity but was paid next to nothing. It was probably the most fun I ever had in a job because I got to call alot of my own shots. The company never panned out but it served me well when I landed my next job.

Besides, I could introduce you to some folks back home in Midland if you want!

Go for it.

[UTwiz]

How long did it take you to get this opportunity in Real Estate after leaving the field this past year? I would imagine that it would be similar circumstances and timelines should you decide to come back yet again.

Also, have you made out a list of priorities as YOU see them (which will be different from a married man with 3 kids)? Benefits? More money? Most weekends off? Future career possibilities?

I'd make a list of all pros and cons that BOTH opportunities SHARE in the middle of a piece of paper, and then on the left column list separate pros and cons of one and do the same in the right column for the other. That way you can see what the two jobs have in common (both negatively and positively), as well as differences between the two. Sometimes seeing it allows it to make more sense than just knowing it.

['Hornbybirth]

Mr. Jackson, youneed to inquire from your friend where the exoperience could lead you. What is the next step. If it means that you could get into the Oil/ Gas with a firm/ company and stabilize then go for it. That being said, there are always unforeseen circumstances that throw you for a loop.

You are young and need to be risky right now in order to discover exactly where your heart lies.

It took me until 29 to find my niche. Ithought that it would have been earlier, but I look back now and realize that every job I had taught me something.

[BarryBnds]

I've been working for an oil company kind of as the controller the past few months on the side. He's just getting started but he's gonna end up earning about $2 mil by the end of the year. Good land men are hard to find so if you can figure it out soon enough you should be fine.

[orange dream]

As a land man will you be paid a daily rate or an override or a combination of the two.

How much flexibility will you have to entice the land owners to sign?

[Markaholic]

[Starsky]DEW-IT[/Starsky]

[txlonghorn47]

Well I sat down with the guy from Western Wednesday evening and got alot of questions answered. Then he invited me over to the office on Thursday to meet some people and kinda see what the job was all about.

Then yesterday afternoon I went home and really sat down and thought every thing over.

I have decided I am going to take the job with Western and hope for the best.

I appreciate all the input from everybody, y'alls advice really did play a big part in my decision process.

[txlonghorn47]

As a land man will you be paid a daily rate or an override or a combination of the two.

How much flexibility will you have to entice the land owners to sign?

To answer this question. We are payed a day rate. Western will usually match any other offer from another company, unless it is a out of this world offer. The norm is about $5,000 an acre the most you are really going to see right now is about $10,000 an acre. All with 25% royalties.

[txlonghorn47]

So today I felt the need to bring this one to the top.

Two weeks ago I was promoted to regional leasing manager over Texas and New Mexico. That means any lease that goes through our company on a Texas or NM asset has to go through me first.

To add icing on the cake, today I was named the Fort Worth Oil & Gas Man Of The Year.

Crazy how a decision on a whim 7 years ago led to all of this. I love what I do now and I am so happy I made this decision 7 years ago with a lot of support from all of you. It's been a long crazy ride through several different jobs and states to get here, but it was worth every bit for this day.

Thank all of you for the support back then and still being friends and supporting me these last 7 years.

[LMQueen]

Good job, Chay!

[Drew Corleone]

Glad to hear, buddy!

[Mr. Peabody]

I love to hear good news! Congrats!

[BarryBnds]

So today I felt the need to bring this one to the top.

Two weeks ago I was promoted to regional leasing manager over Texas and New Mexico. That means any lease that goes through our company on a Texas or NM asset has to go through me first.

To add icing on the cake, today I was named the Fort Worth Oil & Gas Man Of The Year.

Crazy how a decision on a whim 7 years ago led to all of this. I love what I do now and I am so happy I made this decision 7 years ago with a lot of support from all of you. It's been a long crazy ride through several different jobs and states to get here, but it was worth every bit for this day.

Thank all of you for the support back then and still being friends and supporting me these last 7 years.

Come a long way. Congrats bro!

[Bucharest]

That's awesome dude, congrats.....well deserved!!!!

[dahorns]

Congrats! Great to hear that it has worked out for you.