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Posted on 11/1/13 at 8:39 am to SD90MAC
quote:
SD90MAC
You mentioned that you knew the seller real well...they didn't mention the lease on the property prior to closing? Also, did the title company ever mention it? It's not a material defect but it should be public record if it was recorded.
Posted on 11/1/13 at 9:03 am to SD90MAC
This mule is easier to feed and groom.
Posted on 11/1/13 at 10:54 am to SD90MAC
Can you sell your land and put in a clause to maintain the mineral rights until you decide to sell it 50 yrs later...or in perpetuity? Where can I find some good information on mineral rights in Louisiana ?
Posted on 11/1/13 at 12:59 pm to Utah Tiger
The only way to reset the 10 year timeline besides production is to execute an 'Interruption of Prescription' (I think that's what it's called), and it has to be signed by the surface and mineral owner. And this document has to be executed before the date of prescription. After that, you can always execute a mineral deed to the intended mineral owner every time the minerals prescribe.
The only way a landowner gets to take advantage of a perpetual mineral reservation is if the State expropriated your property. I believe in this case, the former surface owner will hold the minerals forever.
The only way a landowner gets to take advantage of a perpetual mineral reservation is if the State expropriated your property. I believe in this case, the former surface owner will hold the minerals forever.
Posted on 11/1/13 at 1:27 pm to SD90MAC
I'm not reading through this thread to see if this has been answered. But I will say from personal experience that if they set up a well on the property, they must pay you (the landowner) a fair value for the acreage being used for said well. However, any royalties will go to the holder of the mineral rights.
My family owns 800 acres of cane field in Louisiana with an active well from the previous owner who is getting those royalties, but my family gets a yearly lease that is renewable every couple of years. My family is not entitled to any royalties until the active well has not produced for 10 years. I'm no expert on the matter, but that is my understanding from personal experience.
My family owns 800 acres of cane field in Louisiana with an active well from the previous owner who is getting those royalties, but my family gets a yearly lease that is renewable every couple of years. My family is not entitled to any royalties until the active well has not produced for 10 years. I'm no expert on the matter, but that is my understanding from personal experience.
Posted on 11/1/13 at 1:50 pm to braindeadboxer
OK- I just looked at the sections surrounding section 17, and there is only one well producing, and it's in Section 20 (to the south). It's producing in the Wilcox formation, and it's an oil well. Looks like it's doing OK- drilled in 2010 to a little past 15000', and it's producing somewhere in the neighborhood of 2000 barrels/month.
I don't know much about the Wilcox play, so I don't know if it's in the beginning stages, but it looks like these are probably fairly expensive wells to drill, but 2K barrels/month is a pretty good return, I think. There are a few permits that have expired since this well was drilled, and a few dry holes drilled, but not much activity other than that.
CMLSU- 31-6S-4E has no drilling activity in that section or in any surrounding sections.
I don't know much about the Wilcox play, so I don't know if it's in the beginning stages, but it looks like these are probably fairly expensive wells to drill, but 2K barrels/month is a pretty good return, I think. There are a few permits that have expired since this well was drilled, and a few dry holes drilled, but not much activity other than that.
CMLSU- 31-6S-4E has no drilling activity in that section or in any surrounding sections.
Posted on 11/1/13 at 2:03 pm to LSUGUMBO
quote:
OK- I just looked at the sections surrounding section 17, and there is only one well producing, and it's in Section 20 (to the south). It's producing in the Wilcox formation, and it's an oil well. Looks like it's doing OK- drilled in 2010 to a little past 15000', and it's producing somewhere in the neighborhood of 2000 barrels/month. I don't know much about the Wilcox play, so I don't know if it's in the beginning stages, but it looks like these are probably fairly expensive wells to drill, but 2K barrels/month is a pretty good return, I think. There are a few permits that have expired since this well was drilled, and a few dry holes drilled, but not much activity other than that. CMLSU- 31-6S-4E has no drilling activity in that section or in any surrounding sections.
Thanks for the courtesy check Gumbo...I believe Strand Energy will be drilling "in that area" this month or next.
Posted on 11/1/13 at 2:15 pm to cmlsu
Strand has 2 wells currently permitted- 1 in 33-7S-4E and 2-7S-3E- this one is a couple miles southwest of you.
Posted on 11/1/13 at 2:57 pm to LSUGUMBO
quote:
Strand has 2 wells currently permitted- 1 in 33-7S-4E and 2-7S-3E- this one is a couple miles southwest of you.
Thanks...those must be the two I've heard about.
Posted on 11/1/13 at 10:11 pm to LSUGUMBO
Thanks gumbo, thats great info.
Ive learned alot from u guys.
Now i hope for a dry well n my area
Ive learned alot from u guys.
Now i hope for a dry well n my area
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