my mineral rights were sold along with the operating wells to another oil and gas company. shouldn't there be a new mineral rights lease drawn up with the new oil and gas company?
ann:
When the existing leases expire, new leases will be negotiated by you and the current lessee or another entity.
Ann
Short answer is no.
The short answer is no because leases are assigned on a regular basis. The assignee is subject to the terms of the original lease. There is also no guarantee, nor reasonable expectation, that when the existing leases expire, new leases will be negotiated by you and the current lessee or another entity. At that point, the acreage may no longer be considered to be prospective.
ann:
Let my clarify my post, Jordan and Dave responded correctly as the answer is no unless your lease contained a "pugh clause" which might give you another opportunity to lease even though some of your minerals are held by production.
I assume you mean you retained your mineral rights, but your lease got sold to another company. Check your lease to see if they have to get your consent to assign it. Probably not.
thank you everyone, for the replies. the wells are still producing but definitely nowhere near the amount they were the first few years.