If you own a “mineral interest”, then you may own up to 5 different rights associated with the minerals:
- Executive Right – the right to lease the minerals to an oil/gas company.
- Bonus Payment – the right to receive a bonus payment from the oil/gas company in return for signing a mineral lease.
- Royalty – the right to receive a royalty payment from the oil/gas company if the minerals are produced and sold. The percentage you will receive is negotiated in the lease.
- Right of Ingress/Egress – the right to access the land where the minerals are located so you can have them produced.
- Delay Rentals – the right to receive delay rental payments.
Be aware – any these 5 rights can be reserved by others or sold away before you received them so a little research may be needed to determine exactly what you ended up with.
CALL US TODAY IF YOU HAVE A MINERAL QUESTION