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Property lease gas oil. we sold the property to a ...

property lease gas oil. we sold the property to a family member, but kept the oil and gas .we have been offered a lease for gas and oil. but do not own the property. does the oil and gas have to pay to get on property to drill. who gets the money? Randle

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If you kept the rights then you get the money

If you own the mineral rights, which it appears you do since you kept them when selling the land, then you will receive the benefits of the oil and gas lease, which would include any signing bonus ($ per acre) as well as any royalty payments from the oil and gas should they drill a producing well during the primary term of your lease.

The landowner may also get some money from the oil company if they well is actually drilled ON their land (rather than next to it or something.) Landowner bonus amounts can vary from $5000 to $25,000. The landowner will not share in any of the oil and gas lease benefits however.

Hope this helps you out.
Frederick M. "Mick" Scott CMM RPL
Timbercreek Mineral Company, LLC

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