Has anyone dealt with Cortez Resources?
They are offering ($1500) to acquire 1/4 mineral interest in a tract of land that is leased but has not had a unit formed yet. This lease expires in one and half years with the right to extend for two years.
Question: Does any mineral interest sold expire when the lease expires, or does prescription hold mineral interest if no minerals are produced until clock runs out?
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Max, to avoid confusion it is best to post some basic information such as the state where the minerals are located and, if known, the section-township-range. Without the s-t-r it is difficult to predict whether your lease will expire, be drilled or have the extension option exercised.
Absent specific language, normal prescription rules would apply. You could include language that the mineral rights would terminate with the lease.
The property is located in Lincoln Parish 8-18W-18N. This is south and west of present drilling by Wildhorse in Township 19 where they've hit the bonanza.
There is a joining Unit with a producing well Northwest of this section, 6-18W-18N and 31-18W-19N. Also, there is a well in 9-18W-18N and a new one in Section 10, 18W-18N, both due east of this section. Nothing to the west.
There has not been a unit formed containing section 8 as far as I know...Max (will find out more info)
Max, double check that township. There are no townships in the state with a Range of 18W. And Range 8W is not in Lincoln Parish.
Max your property is in T18N-R4W. And as far as what happens with your interest, it depends on how you word your sale. About 3 miles east of you I just talked to a owner that was offered $15,000 per acre for just his 1/4 Royalty for Three Years, and only three years. This is very near where two people got killed last night from some sort of pressure buildup/blowout.. Every limited info right now on the problem. The problem with your area is no production.. Huge production is in the vicinity. It would make a huge difference in the value if production happens.
Dawg knows. Thanks for the clarification.. Don't be a stranger.
Thanks BirdDawg, mind fog has begun to be my friendly guest every morning.
We've had mailings and calls, each offering different amounts, but this outfit is offering $1500 for no production. We watched back in the 1980's when offer's came in and some people took them and pocketed $$$ and got their mineral's back from no production and dry holes.
That's the gamble...but thanks for the heads up on producing offers on royalty's. We've had offers for $300, for all the minerals!
I think I'll call and talk with them to see what they're up to.
Max
Good luck Max
Max, Cortez is quite active in making offers to acquire mineral rights and leases. I've received a number of inquiries concerning Cortez over the last thirty days or so. Yours is the third area where I have heard that they have made offers. Those areas are widely scattered. That's somewhat unusual.
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