Don't you mean 10 square miles=10 sections and 10 miles square=100 sections?
You nailed it. Had this same discussion with my son last night. Ten square miles should be 10 sections. Ten miles squared would be 100 sections.
Yeah but the difference is immaterial to the answer.
Ed, TSW is a land company, not an operator. They are not allowed to take out a permit to drill. Only an operator recognized by the state may apply for a well permit.
Energy companies that drill wells (operate) do not maintain a lot of landmen on their payroll. When an energy company wishes to acquire development rights in an area they hire an independent land company to perform that work. The land company works under contract to secure the leases usually in their name. In that case they will assign the leases to their client at a later date. In some instances the land company executes the leases in the clients name but generally energy companies prefer to keep their name confidential.
When a land company works on behalf of a client they do not sell the leases, they assign them. The land company's compensation was agreed to before leasing began.
Royalty is paid only when an operator sells production. It can be 3 to 12 months after first production before mineral owners begin to receive payment. Not all wells turn out to be sufficiently profitable to operate.
Eric, please re-word your question. Both what?