Lost or Forgotten mineral rights

Just in case anyone else runs into this situation, I bought some surface acres in central OK. Then about 15 years later they drilled an oil/gas well that included my space, but my title from 15 years earlier said the mineral rights were excluded in the sale, or at least it vaguely conveyed that exclusion. However, I had bought the surface from a bank that had foreclosed, and then that bank was later taken over by a bank in Arkansas. So when they drilled the well, the operator/driller/lesser listed the bank where I had bought the surface as the owner of the mineral rights, and of course since that bank no longer existed, the money was deposited in the state’s unclaimed property in that bank’s name. But it turns out that the banking laws in OK do not allow a bank to withhold mineral rights when they sell the surface, or at least they weren’t in this situation, so after working with the FDIC in Dallas, I was able to claim those mineral rights and then get paid the money that was in the state’s unclaimed property account.

Hope this helps someone.

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Great story and advice for other owners! Thank you for sharing.

National and State Banking and Lending Laws need to be changed. It would stop most of the foreclosures. If you have a property that is worth $100,000 and only owe $20,000 on it and can’t pay the $20,000 then the lender should have to pay the difference if they foreclose it. Of course there would be some fee’s, but those need regulating as well.