Posted by JerryS on April 01, 2013 at 21:57:36 from (98.80.109.15):
In Reply to: Ohio oil rights posted by Cole Younger on April 01, 2013 at 18:57:30:
The primary thing you need to get from these responses: Get a good Ohio O&G attorney.
The law on mineral rights varies from state to state. Here in Louisiana mineral rights can be retained by the seller of a property for 10 years, and in perpetuity if production commences during that 10 years. If there is no exploration/production during that time, the mineral rights revert to the new owner of the property. Not sure, but I think that if existing production ceases for 10 consecutive years mineral rights go to the current owner of the property.
I can vouch for both situations: I bought 12 acres in 1989; the seller retained mineral rights. There was no exploration or production for 10 years, so the mineral rights reverted to me. To my great joy, a couple of years later I learned that my land sits about dead-center of the Haynesville Shale gas field. (I didn't learn that until after I had signed a low-ball lease with Chesapeake Energy, however.) One of the first of hundreds of Haynesville wells was drilled about a mile from my place.
The other situation: In about 1980 my parents sold the old family lands, about 200 acres. They retained mineral rights. In this case there had been continuous production of shallow gas in the section since back in the 40s. When my parents died the mineral rights (and royalties) passed to my brother and me. This property too was found to be in the heart of the Haynesville Shale. Several Haynesville wells have been drilled there, so I am now receiving royalties from a lease signed 70 years ago, on land that we haven't owned since 1980.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
