Cans someone please help me understand what I own as the current landowner. I have had an offer to buy my royalty interest and this paragraph has me confused as to what we own. It is a 44 acre plot in southern Marshall County, WV.
"THERE IS RESERVED AND EXCEPTED from this conveyance unto the said (FIRST PARTY - SELLER) one half (1/2) oil and gas within and underlying these tracts, as well as also the unsold coal, and all other minerals, together with necessary mining rights and privileges appurtenant thereto.
It is distinctly understood that the said (FIRST PARTY SELLER), shall have all the leasing rights for the oil, gas, and coal and other minerals within and underlying these parcels of land, and to collect all rentals from said leasing, however, the said (FIRST PARTY SELLER), to pay unto the said parties of the second part, their heirs and assigns, the one half (1/2) share of said rentals paid. "
As far as i can tell we own half of the royalty rights on the entire property. Company that wants to buy, says we only have 12.5% on 21.5 of the 44 acres. there are no mention on oil and gas rights in any deed before or after this one in 1950.
thanks to anyone who can help me out with this.