My family property leased out production below 3k feet, then later sold the 1/8 royalty interest specific to just that lease. What would be the correct terminology describing our interest in the minerals below 3k ft at this point? Our shallow rights are unburdened.
Perhaps as residuary rights, specific description depending on the exact terms of agreement. Did you sell WBO or did you sell all future lease royalties for current and future wells? The latter will severely diminish the value as leases last for decades, especially if the lease has no depth limitations. The buyer will have no interest in getting the lease terminated, even if production ceases. Your family will need to track this over the years.
Not WBO. Lease is good as long as royalties being paid or gas being stored. The relevant pool was converted to storage a while back and in my state they have to buy full title to native gas before repurposing, but they never bought our full title to it.