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I'll tell you what I think. And Baron will probably correct me, and that is fine. He sure knows more than me.
My opinion is the O&G companies need to know what they are doing (who they are paying) before they pay them. In their defense, perhaps there should be a limitation on paying underpayments if no succession has been filed. I know that sometimes it is almost impossible to trace ownership without successions. And I do believe that successions are the responsibilty of the landowner (mineral owner).
But if the mineral owner has not guarenteed title as to his interest, I do not believe he should be entitled to make repayment.
I never sign a lease with a guarentee of title clause unless I am 100% sure of my title. And the same with a division order.
But then again, if there are no title problems with the mineral interest, I think the O&G company should pay 10 years back if they did not do diligent work.
My opinion is a little convoluted, but I think fair. And I know it will never be the law.
I have a problem with this bill.
The concern I have is with the time frome of ten years. Ten years is a long time.
Also, The most common situation that concerns me, is what happens in the case of missing or unlocatble interests. after seven years a opertor is required to submit these funds to LA unclaimed property fund. What happens in these cases?
The History of GoHaynesvilleShale.com
GoHaynesvilleShale.com (GHS) was launched in 2008 during a pivotal moment in the energy industry, when the Haynesville Shale formation—a massive natural gas reserve lying beneath parts of northwest Louisiana, east Texas, and southwest Arkansas—was beginning to attract national attention. The website was the brainchild of Keith Mauck, a landowner and entrepreneur who recognized a pressing need: landowners in the region had little access to…
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AboutAs 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 |
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