One variety of sedimentary rock is oil shale, which is formed when silt and clay combine. Oil shale usually contains kerogen, a good possible source of gas and oil. Technological developments which have enabled oil companies to combine horizontal drilling and hydraulic fracturing have resulted to an increased production of shale oil and gas in the United States. This has transformed the nation from being an oil-dependent country in the past to a major oil producer today: a transformation that has caused excitement not only among oil firms, but among land owners as well, whose lands are considered as oil wells waiting to be drilled.
The common law grants owners of properties or estates in the US certain rights, such as “mineral rights” and “surface rights.” These rights include private ownership of oil, gas, valuable rocks and all other forms of minerals which may be found on or under their property. These rights include the property owners’ legal capability to lease, sell, transfer ownership, bequeath or give these rights to anyone they choose.
Owner’s control over their properties and whatever may be found on or beneath these is one of the most basic stipulations in the private ownership law. Under the law, this private ownership is legally referred to as, “fee simple estate.”
Thanks to this “fee simple estate,” owners of lands along the shale regions are given the possible chance of enjoying the flow of huge amounts of cash into their household. The only thing they need to make is to decide whether to sell or lease their mineral rights to any of the giant oil firms that lay their offer on the table.
To a number of property owners, however, deciding is just never too easy. To start with, both selling and leasing have their own advantages and disadvantages. On its website, The Mineral Auction details the possible consequences should an owner decide to sell or lease his or her oil rights, gas rights and mineral rights. More importantly, the firm offers owners the assistance that they will definitely need not just in selling their rights, but in making sure that owners get the most competitive and generous offer for the future of their families.Read More