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-   -   mineral drilling? (http://www.diaperswappers.com/forum/showthread.php?t=1346025)

judeabug 01-31-2012 08:04 AM

mineral drilling?
 
What do you guys know about mineral leasing, drilling, development? We bought a house a few months ago, and we have the mineral rights. I'm not sure what exactly that means, but our agent said it likely wouldn't ever mean much.

Someone came to the door yesterday with information about a leasing deal. Apparently a mineral development plan is going on nearby. I'm from Indiana, so ALL of this is so new to me.

Can you guys explain this to me, or point me in the right direction to figure out if this is something we should be looking into? Thanks!

judeabug 02-02-2012 07:29 AM

Re: mineral drilling?
 
Hmm...I guess maybe this isn't as common in TX as I thought?

apo_katie 02-03-2012 04:02 PM

Re: mineral drilling?
 
I work in the petroleum industry. If they really want to work up a deal with you:

1. DON'T EVEN THINK ABOUT SELLING YOUR MINERAL RIGHTS!!!! I can't emphisize this enough. If you do, they can and will destory your land and when they are done with it, they might leave it a disaster.

2. Talk to a lawyer right away who SPECIALIZES in mineral and drilling rights. You want to find a lawyer and you might have to do some leg work to find a good one, but get one.

3. If and when you work out a deal with the company, make sure you get EVERYTHING is writing, down to the way they leave your land when done and the speed limits on your property. And remember, you should have the right to ask them to leave if they aren't holding up their end of the deal.

if you work out a deal, you should see some $$ for leasing your land and for any product (minerals/oil/gas) that is produced. I hope this helps.

judeabug 02-07-2012 09:00 AM

Re: mineral drilling?
 
Thank you so much for the great tips! So would I basically be giving them rights to drill on my property? Would that mean they'd be digging up my yard, or that trucks and workers would be on my property on a regular basis?

If that's the case, I'm not sure it'd be worth it, but if it'd be something that'd provide extra income with minimal inconvenience, it might be a huge help!

kktegan 02-29-2012 11:26 PM

Re: mineral drilling?
 
Quote:

Originally Posted by apo_katie (Post 14582164)
I work in the petroleum industry. If they really want to work up a deal with you:

1. DON'T EVEN THINK ABOUT SELLING YOUR MINERAL RIGHTS!!!! I can't emphisize this enough. If you do, they can and will destory your land and when they are done with it, they might leave it a disaster.

2. Talk to a lawyer right away who SPECIALIZES in mineral and drilling rights. You want to find a lawyer and you might have to do some leg work to find a good one, but get one.

3. If and when you work out a deal with the company, make sure you get EVERYTHING is writing, down to the way they leave your land when done and the speed limits on your property. And remember, you should have the right to ask them to leave if they aren't holding up their end of the deal.

if you work out a deal, you should see some $$ for leasing your land and for any product (minerals/oil/gas) that is produced. I hope this helps.

THIS! When we bought our house, we were told we don't own the mineral rights. We live in a subdivision, but I really don't anyone going to drill.

I worked at a law firm and we had this case about a subdivision where a company was drilling 100-150 ft from their house. It was so noisy and they had trouble selling their houses. Something to think about.

mommasave36 03-06-2012 03:41 PM

Re: mineral drilling?
 
If you're considering leasing, you need to talk to a lawyer for sure! And never, never, never sell your mineral rights. If you don't own more than 20 acres, I wouldn't even consider it. You'd have a pump jack and all the workers right there in your face all day. Diesel powered pump jacks will wake you in the night and workers will be there every single day. To me....it's not worth it.


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