I am aquiring a 15 acre piece of land to start a farm. The current deed owner is willing to convey 50% of the mineral rights to me in the sale. New to this, my inquiry is simple..."If an oil or gas company comes along and approaches me about drilling on my property, is it the deed holders decision or does the other mineral rights holder have any say?"
What state? In the state I know about (West Virginia) the mineral rights holders have priority. You would also be a mineral right holder. As the surface owner you could specify that activities not be done on your surface. Since much of the drilling now is horizontal, way down beneath the surface, you could be benefiting from royalties and still have your surface undisturbed.
Texas
RWK can give a much better answer to this than I can; however, in my opinion, since you haven't closed on the property yet, It sure would make things much simpler if you could get the previous owner to give you Executive rights as well as 50% of the minerals. That way the previous owner could still get all the income based on his 50%; but, you would be calling the shots. Improves the process greatly if you can get that agreement.
The Rural Gardener said:
Texas
It depends on the wording of the deed. If the deed clearly conveys a 50% mineral interest in the property with no restrictions, you have the right to lease or not lease the property. If the deed reserves the executive rights, the former owner has the right to execute the lease. You should consult an attorney before signing the deed.
The other holder also has say unless you own the executive rights, i.e. the right to negotiate and sign leases.
Get a full title search done to make sure you are really getting 50% of the minerals.