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re: Just bought 40 acres
Posted on 10/30/13 at 7:27 am to kywildcatfanone
Posted on 10/30/13 at 7:27 am to kywildcatfanone
If the land wasn't leased when you bought it then there's no issue. The oil company has to now negotiate surface rights with OP and minerals with previous owner.
If a lease was in place at sale, it all depends on the verbiage. However, in this scenario, it's probable that the land will be included in a pooled unit and you never see the oil co.
If a lease was in place at sale, it all depends on the verbiage. However, in this scenario, it's probable that the land will be included in a pooled unit and you never see the oil co.
2
Posted on 10/30/13 at 8:04 am to cmlsu
quote:
The oil company has to now negotiate surface rights with OP and minerals with previous owner.
This the way I understand it as well.
I once bought a piece of property where the seller reserved the mineral rights. However, this did not give anyone the right to the surface use of the property. The oil company could directionally drill to get at the reserves under my property but they could not step foot on it without a separate agreement in place with the landowner.
If they do approach you for a surface use agreement, have an attorney review it before you sign. the one they asked me to sign basically said they could require me to vacate the premises during drilling activities. On advice from the attorney, I declined to sign anything giving them surface use rights. Wasn't worth the possible headaches.
Posted on 10/30/13 at 9:03 am to cmlsu
There was no previous lease on the land.
Can the seller still lease the rights to my land even though i dont sign. Or do they have to get both of us to sign?
Can the seller still lease the rights to my land even though i dont sign. Or do they have to get both of us to sign?
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