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 ?
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.
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).
As exciting as this is, we know that we have a responsibility to do this thing correctly. After all, we want the farm to remain a place where the family can gather for another 80 years and beyond. This site was born out of these desires. Before we started this site, googling "shale' brought up little information. Certainly nothing that was useful as we negotiated a lease. Read More