Here are some suggestions that are critical. They not necessarily in order and certainly not everything to be considered. 

You be the operator:
The shallow well production business is not complicated. Common sense is necessary. Applying sound business practice is necessary. When you are successful you will have the accomplishment. 
It is necessary for you to be an active  participant in the supervision and management in small operations.
The oil business is no different other small business venture.
Until your production gets to a point where you can justify hiring
qualified managers, your it!.
Some of the orphan well leases were caused to become "orphan wells"  because the operator was not "hands on".

Become knowledgeable of the oil business:
The internet can be that essential tool. An average intelligent
business man can become better equipped to make money in the oil business today than ever before. It would have been unheard of twenty years to have as much information as is easily available today. The Texas Railroad Commission web site is just one of many.

Understand your odds:
Any business is a gamble to some degree. Structure your venture to as not take any unreasonable risk. You odds of making a big discovery in a shallow field are very long. It does happen, but don't bet on it! Look at this article from the Abilene News 

Have Venture Capital: 
Either it needs to be or your money or your investment groups money

Check with a good lawyer before any transaction:
If you chose to form a investment group: partners, or any legal structure follow all applicable law. 
Please note, I said a good lawyer. For your purpose, a good lawyer must be one that is experienced in the oil business. 

What about deep gas? 
Deep gas or deep oil takes an organization with access to a large
amount of capital, people with the knowledge of the latest technology. A very qualified team of highly competent and motivated individuals plus experienced management. Strange things can happen
2 to 4 miles underground! Look at this article from the Tyler Paper             

The Lease:  (A chapter in a book could be devoted to this topic.  In non-legal terms I can just touch my main concerns).
This document is the basis for all of your actions and you should get the advice of a competent oil and gas lawyer. A oil and gas mineral  lease is that document that sets forth the terms and conditions that allow you to extract minerals form a parcel of land. A separate lease is executed by each  mineral owner. There can be one or many depending upon how many interest owners there are of record.    (sample lease forms)

Environmental  Impact and Responsibility:
Before investing any money in any lease, have a visual inspection of the location for any obvious problems. There is probably some surface contamination around old well heads. This should not be a major issue. It is critical that the condition of the lease, at that current time, be documented so that your responsibility is clearly defined.

It is your investment:
You must have reason to believe that the lease or leases that you invest in have a reasonable chance of making you money. It is your money and your enthusiasm is most important

What is a shallow well, any way?
4,210 feet is not a deep well nor is it real shallow. It just a matter of the prospect and the field. Here is information from a recent TRRC completion report: This is a new well.
"WOOD 6 - Quitman (Eagle Ford), New Well, Gaither Petroleum Corp, Houston, TX, Well # 57, Goldsmith, J. B., Jno Allen Jr Sur A-20, 350 fsl 2239 fwl, Zone 4198' to 4210', 9-22-03, 35 bbls oil 18 mcf gas 0 bbls wtr, pumping, 3.3 mi NW of Quitman."
Quitman, Texas is about 35 miles North of Tyler and real close to Lake Fork.

How much money are we talking about?
A little bit or a bunch?
Formulate a plan of several wells. Do your math! Make a pro forma projection.
Re-entry on a 1000 ft oil well, perhaps as little as $10,000.00.
For an intelligent projection you will need information that we can supply. 
It all depends on each individual well and each individual lease.
Remember this: 
A report of the IOGCC calculates that the average stripper well in Texas produced 2.81 barrels per day in 2001.

Experience is the best teacher:
There are few "oil men" alive today with the experience that we offer. in shallow oil wells.

Operators that abandon a lease void that lease.
You will need copies of the previous lease to show terms and conditions and the mineral rights owners at that time. 
You will need to re-lease the property. This what the TRRC calls "proof of good faith." see TRRC web site next page.

Starting Point: 
Presently we are considering only parts of TRRC District 9. (Archer and Young counties), District 5 (Ellis county) and parts of District 6-East Texas fields.
Realizing that an interested party can know very little until the voided LEASE is obtained and the facts ascertained.
Other critical information needed is in our OFFER below.