Posted by MarkB_MI on April 30, 2011 at 07:36:38 from (32.178.31.108):
In Reply to: oil lease question posted by notjustair on April 29, 2011 at 18:34:34:
I would be very surprised if the lease signed in '83 is still in effect, but it certainly could have been extended. Five years is the life of a typical lease. It would also be unusual for property to not be under lease when it's surrounded by operating wells, but that's not necessarily surprising either.
Are you sure you're buying the mineral rights?
If you know someone in the oil exploration business, ask them for the name of a local "land man". These are the people who research titles for the oil companies and they have a lot knowledge about local laws and idiosyncrasies. My sister does this work (although not in Kansas), and she says you can't believe the things you find when running titles: Royalties going to the wrong person, leases where the lessor doesn't actually own mineral rights, mineral rights that over the years through inheritance have been split to tiny fractions and half the heirs can't be found.
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