I just talked to the land guy thats doing the lease. He said i get no lease money and they can come on my property without my consent.

This is bull.

Anybody want 40 acres?

I guess im gona get a lawyer.

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Posted by LSUGUMBO

Shreveport, LA

Member since Sep 2005

8585 posts

Posted on 10/30/13 at 6:35 pm to SD90MAC

They aren't just going to waltz on to your property and build a rig in your back yard (contrary to popular belief), but you definitely lose a lot of bargaining power if you don't hold the mineral rights. Work with the mineral owner to get a no drill within XXX feet ( start with something like 750- they probably won't go for it, but I'm sure they can work something out. 500 feet is not all that uncommon.

I don't necessarily recommend a lawyer unles you're a) going to work out a surface agreement now or b) going to try and get the sale rescinded because you think the previous owner didn't disclose the possibility of a lease (which may or may not be a valid excuse.

At this point, I'd wait and see what happens- it may end up being all for nothing if they don't drill or don't find anything. And even if they drill, it's not a certainty that your 40 acres will be disturbed.

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Posted by cmlsu

Baton Rouge, LA

Member since Aug 2011

659 posts

Posted on 10/30/13 at 6:40 pm to SD90MAC

quote:
Posted by SD90MAC I just talked to the land guy thats doing the lease. He said i get no lease money and they can come on my property without my consent. This is bull. Anybody want 40 acres? I guess im gona get a lawyer.

This means that the lease was in place at time of sale? When was it signed? Keep in mind, it doesn't mean anybody will ever drill on the land.

Also, you can ask the oil company to give you a designated drill site if they ever chose to do anything on the land. It's nothing concrete but it would give you an idea and help ease any concerns.

(If the lease is still being negotiated then those terms make sense but you can get something for the use of your surface but nothing more in regards to royalties)

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Posted by Tigris