I’ve received an offer for Deep Rights. Sounds confusion. who determines when “Deep” starts and the regular rights end?
Cathy, It sounds like you have an existing oil & gas mineral lease that’s been producing for a while–or, at least, is still a valid lease. But the production from it is only holding that lease from the surface down to (probably) 100’ below the deepest depth drilled so far, or 100’ below the deepest producing depth, on the last day of its primary term.
That means that the “Deep Rights” under the current, producing depth, are open for leasing. They are asking to buy an oil & gas lease from you covering only those Deep Rights. Be sure and include a depth Pugh in the new lease, so that 3, 4, 5 years from now, someone will come pay you bonus and rental for yet a THIRD lease covering your “Deeper Rights” …
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