Posted by Andy Martin on January 15, 2016 at 14:22:59 from (209.213.149.120):
In Reply to: Land purchase update posted by notjustair on January 14, 2016 at 20:24:06:
Quoting Removed, click Modern View to see He indicated the mineral rights go with the land, that is not the lease. Since it is in production, the production company will still produce it and he will get the royalty. Now if I misunderstood and they are selling the land, rights, and lease, then he has to find someone to produce it and meet all the regulations, or learn how to do so on his own. That would be a lot more risky investment because he may not know for sure how long the wells will continue to produce at 10 BPD. I have the opportunity to buy 160 acres minerals and lease for $360,000. That's too high for Oklahoma and the current price of oil.
If he is buying the lease he needs to get future liability for existing conditions locked down. He could have a multi-million dollar cleanup bill in a few years.
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