By now, everyone has heard of the incredible oil boom occurring in Western North Dakota. It is no secret that there is an abundance of money to be made in that area of the country. However, with this great natural resource comes all of the legal complications that accompany it. If you have mineral rights in Western North Dakota, continue reading to learn your rights.
What does it mean, having mineral rights?
To have mineral rights means you own the minerals beneath the surface of the land. You do not have to own the property to have mineral rights- you just have to have an agreement with the owner of the property.
What if an oil company decides to drill?
If an oil company is interested in drilling in a certain area, they must lease the land from the mineral owner. In this situation, a document is drawn up and signed by both parties. The document may include information such as: the length of the lease, the amount the oil company will pay the mineral rights owner and how much acreage the oil company is allowed to drill.
What if I’m the mineral rights owner, but not the surface owner?
If you are the mineral rights owner, but not the surface owner you need to know how to handle the situation. As a mineral rights owner, you don’t need permission to mine or lease to a mining company. However, you need to be sure to read the mineral right’s agreement to know for sure.
What you should know about mineral rights negotiations
Last but not least, it is important to be well-informed before participating in any mineral rights negotiations. Since these negotiations are very complicated and involve large amounts of money, it is very important to involve an attorney in this process.
If you are the owner of mineral rights and are about to undergo negotiations- the professional attorneys at O’Keeffe O’Brien Lyson Foss are here to help protect your rights. We will work with you and the oil company in order to award you what you deserve for your mineral rights.