We inherited mineral rights from our father back in 2012 with a few small-producing wells in place. Our father never shared information about any of his business so we are not educated at all in what we have and what to do with what we have. I plan on making a one or two-day trip to the Liberty County Courthouse to dig up all the deeds and any past and current lease agreements on these different tracts of land. Also, the deed that was drawn up in the estate settlement has many typos in the legal descriptions, etc. I am hoping we can just amend the deed without having to go through our attorney and stepmother for signatures because it was a horrible experience.
In December 2014, my brothers and I received a Division Order for a new well on the same tract of land as two other wells which explains why we didn't receive a new lease agreement with the producer. We each received our first royalty check on 12/31/14 for $391.00. Does the first check give any indication of future royalty income from the well? From my reading, as soon as production starts, it also begins the depletion. Is there any hope of larger royalties to come? I don't want to get my hopes up, so the more educated I am, the more prepared I will be as to what is to come.
The Well name is BECI Levigne #1, N.E. Tank Farm Prospect, Liberty County, Texas. The legal description is: 170.00 acres, more or less, out of the H. & T. C.R.R. Company Survey, No. 174, the C. Aldrich Survey, A-768, and Austin Abshier Survey, A-559, Liberty County; and being more particularly described in that certain pooled Unit Desgination for Ballard Exploration Company, Inc. Levigne No. 1 Gas Unit, dated September 15, 2014, and recorded under File No. 2014014798 in the Official Public Records of Liberty County, Texas.
Thanks for any help out there.
P.S.: What would be the best reading material for me to read to learn about all of this royalty business as we did inherit mineral rights to about 25-30 tracts of land in Liberty County, a few in Chambers County and one in Jefferson County.