Hey Land Professionals out there!
Need some advice.
My family owns approx 3 acres of land and 100% of the mineral rights.
We entered into a lease with an oil company and they paid a bonus.
The lease was sold to another company. The company that now holds the lease drilled and found oil.
We just received division orders for a pooled unit (agreed to in the lease).
I noticed something strange in the percentage interest and asked the oil company to explain. They told me that when they surveyed the land we actually own approximately 5 acres of land, not the 3 in the deed and the lease. So they are paying a higher percentage based on the survey results.
Should we "cure" the title to reflect the correct size and how do we do that?
Do we need to contact the County Tax office to let them know of the change if we do it?
Also, should we ask that the lease be amended to include the correct acreage and ask for an additional bonus payment? I.E. money owed us for the additional 2 acres?