Did you know that the rights to any oil and natural gas existing beneath your property are also part of your mineral rights? What’s better is that you have these natural resources that can be sold to others. If you don’t want to sell, you can consider the alternative of leasing natural resources. Typically, the mineral rights to gas and oil are leased. This is also why you might need the services of oil and gas management. In case you don’t know, leasing mineral rights exhibits that the lessee has the right to drill and work on your property to access the minerals.
Understand the types of Mineral Rights you own
There are different types of mineral rights; therefore, you must have a thorough understanding of your ownership. If you are sure that you own 100% of the minerals underneath your property, then you will be in a power position to have the best deal. On the other hand, if you are not the sole owner of all minerals on your property, you can still take certain steps to strengthen your position.
For instance, you have the option of teaming up with the respective owner. This will put you in an equally powerful position. If you will team up with the partner and negotiate, you are more likely to land a better deal.
Ask Questions during Lease Discussions
The interested party reaching out to you might be reluctant to share details of their development plans. Therefore, it is your responsibility to use your lease discussions and gather as much information as you can. This will ensure better management of your mineral rights while also saving you from potential risks of fraud. For instance, you could ask the landman to share their map outlining the depths of your tracts.