What constitutes good-faith operations for the discovery and production of minerals ?
What counts as a good faith effort ? We sold land in 1998 , Had a lease offer in 2006 that went till 2009, they struck gas in 2009 and now say we have no mineral interest due to prescription. What can I do to prove we interrupted prescription through good faith operations ?
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Replies to This Discussion
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Oil & Gas ProPermalink Reply by The_Baron on -
Are we talking for maintenance of a lease or are we talking about mineral prescription?
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Permalink Reply by RICHARD on
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I am just wondering what else I could have done to avoid losing my mineral rights to prescription.
Seeing as I leased the land to a drilling company and they waited until I lost my rights before deciding to drill on the land, I feel a bit ripped off.
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Oil & Gas ProPermalink Reply by The_Baron on -
Read my blog on prescription.
While hindsight is twenty-twenty, you could have made drilling a well before the precsiptive period a condition for the lease... You could have held back some rights and had a well drilled (The economics of this would of course depend on your location and size of the servitude).
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