- If you own mineral rights, you might be a royalty owner if there is a lease and production. Another way to think of this is if you own a rent house, you may or not be a landlord depending on whether the house is rented. If there is no lease then you wouldn’t be a royalty owner.
- If you are a mineral owner, you can certainly lease to an oil company if you wish and they want. If you own a rent house, it’s possible that nobody wants to rent your house, or you may not like their proposal. Now if inherited, your ancestor may have already leased it. You,re not automatically leasing to every lessee/ oil company. Also if you lease your 80 acres, you can’t lease to another company while the first lease is in effect. 3.as a mineral owner, you don’t own an overriding royalty interest. An overriding royalty owner is one who has made an agreement with the lessee to get a fractional share of the production. Typically it may be a geologist or the president of a company or somebody reserved it during an assignment. This would not apply to you. Can someone be a royalty owner and an overriding royalty interest owner? Yes but you wouldn’t likely be. 4…maybe. Would need more information. You should ask the operators about it, and then seek help from a Landman, or an attorney.
- I would call it a section.
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