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Started By
Message
re: Mineral rights on a property
Posted on 6/18/10 at 3:48 pm to just me
Posted on 6/18/10 at 3:48 pm to just me
quote:
Yes. They revert to the naked owner automatically.
it depends on if prescription (which is ten years in Louisiana) is interrupted. This can happen because of a dry hole, producing well, etc. Also, it is going to depend on if the land is included on an existing lease and/or an existing servitude. In short you might look into hiring a title attorney or an independent landman to evaluate the mineral title on this tract if you think it is worth your time and money to pursue.
This post was edited on 6/18/10 at 4:15 pm
1
Posted on 6/19/10 at 6:58 pm to TigerDog83
This ten year deal must be in LA only. My family owns lots of property in east texas. sold some land around 12 yrs ago. Just 1 yr ago more natural gas was found and rigs brought in. We recieve 100 percent of the money. NEVER EVER sell mineral rights. These rights will be passed down to my kids one day!
Are there wells around where you are buying?
Are there wells around where you are buying?
Posted on 6/20/10 at 10:03 am to just me
quote:
naked owner
tee hee
Posted on 6/20/10 at 10:11 am to Cold Cous Cous
Does anyone have a mineral rights attorney they can recommend in Louisiana?
Posted on 6/20/10 at 2:09 pm to Utah Tiger
Patrick Martin
Posted on 6/20/10 at 10:49 pm to tmoney
quote:
This ten year deal must be in LA only. My family owns lots of property in east texas. sold some land around 12 yrs ago. Just 1 yr ago more natural gas was found and rigs brought in. We recieve 100 percent of the money. NEVER EVER sell mineral rights. These rights will be passed down to my kids one day!
Texas has "perpetual minerals" which means that if you reserve the minerals, you get to keep them until you sell them. There is no prescription like in Louisiana. The good news is that you keep them forever- the bad news is sometimes the heirs don't realize the decedent owned minerals and don't file the proper paperwork in courthouses. Makes my job as a landman a little difficult.
Posted on 6/21/10 at 8:18 am to LSUGUMBO
I would try to get the minerals if you can but don't make a dumb purchase. When buying land, you should determine the value of the land and minerals separately and then pay at or below the aggregate values. What's tricky is determining the value of the minerals without reliable production, you may need some help with that.
As for selling, I wouldn't sell the minerals for almost any reason. The exceptions were if I were in a downtown location or somewhere it would be impossible to develop. I've heard to many tales of misfortune from people in DeSoto and Red River who sold their minerals because no one ever found squat there only to be on the outside looking in when $10,000 bonuses and 25% royalties started getting paid.
As for selling, I wouldn't sell the minerals for almost any reason. The exceptions were if I were in a downtown location or somewhere it would be impossible to develop. I've heard to many tales of misfortune from people in DeSoto and Red River who sold their minerals because no one ever found squat there only to be on the outside looking in when $10,000 bonuses and 25% royalties started getting paid.
Posted on 6/21/10 at 10:37 am to ShreveportTiger07
quote:It's not that simple. My grandfather was the only one is his area holding a check when a well came up dry. He played it safe, everyone else held out for big bucks.
I've heard to many tales of misfortune from people in DeSoto and Red River who sold their minerals because no one ever found squat there only to be on the outside looking in when $10,000 bonuses and 25% royalties started getting paid.
Evaluate the land and the mineral rights separately. If the guy wants to keep mineral rights, he will have to sell the land for cheaper. There is absolutely a point where the land without mineral rights becomes a good deal.
Posted on 6/21/10 at 10:50 am to eelsuee
quote:
Evaluate the land and the mineral rights separately. If the guy wants to keep mineral rights, he will have to sell the land for cheaper. There is absolutely a point where the land without mineral rights becomes a good deal.
Good input, guys. Thanks.
I wound up negotiating 100% mineral rights in my favor, and at a total lower cost on the property than my predetermined max when I started, so I'm happy.
This post was edited on 6/21/10 at 10:51 am
Posted on 6/21/10 at 10:57 am to clamdip
quote:
I wound up negotiating 100% mineral rights in my favor, and at a total lower cost on the property than my predetermined max when I started, so I'm happy.
Nice work. Congrats on your purchase.
Posted on 6/21/10 at 6:45 pm to jglass3lsu
Does he still practice? I thought he was firmly entrenched in academia?
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