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re: Louisiana mineral rights agreement discussion thread
Posted on 5/18/14 at 8:47 pm to Martini
Posted on 5/18/14 at 8:47 pm to Martini
I don't think they can reserve minerals that they do not own. After the 10 year prescription period, the minerals revert to the current surface owner, which in this case would be you, assuming you make the deal before the end of the year.
FYI- an oil and gas lease trumps surface ownership, so if someone else has a lease on the property, they can enter the property and drill wells, and the company will only have to settle surface damages with you.
FYI- an oil and gas lease trumps surface ownership, so if someone else has a lease on the property, they can enter the property and drill wells, and the company will only have to settle surface damages with you.
1
Posted on 5/18/14 at 9:42 pm to LSUGUMBO
We are told it is not under lease at this time. So basically I buy the property, I get the mineral rights in full at the end of the ten year period? So the only way he can keep them is to wait until that period is up and then negotiate a percentage with me and the sale of the property? Ie...not sell or close on the property until then.
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