HI!
My family owns 3/8ths Mineral Rights on 138 ACRES of land in East Texas. I accidentally spotted the Lease (Listing our Land), on the INTERNET. A Lease Agreement Contract. It is a fully negotiated Lease Agreement.
The agreement includes thousands of acres. It appears that the Oil Company purchased the Mineral Rights outright. I called the company, they said......"You will only be notified when we drill, a lease may be offered to you at that time." Is this true, on UNDEVIDED LAND? Recently they re-negotiated, the lease for additional time.
According to the activity in that area, and the info. I have attained - I believe Drilling has already begun.
WHAT CAN I DO...????
THANKS,
SHIRMA3
Dear SHIRMA3
There is no equitable pooling in Texas. A tract or interest not in the drillsite, but within the drilling, voluntary or proration unit, is not entitled to share in the production as a matter of equity, even if these lands are used for allowable purposes. To force your way into a well would require a Mineral Interest Pooling Act action at the Railroad Commission. The probability of success for MIPA actions is very low.
If, however, your acreage constitutes the drillsite, you would be entitled to share in production and/or the proceeds from the sale of production after you have paid your pro-rata share of drilling and production costs, if you are not leased.
Having said that, my business advice is to hire a landman or attorney who knows their business and research the matter for you so that you can make informed decisions. I would not employ a professional until the dilling well is completed as a producer. A dry hole kills a lot of claims.