PR - TAKING FULL ADVANTAGE OF OIL AND GAS DEVELOPMENT LEASES: LESSONS FOR FARM MANAGERS FROM THE UNITED STATES
In the United States, property owners have the right to develop the minerals under their property unless that right has been sold, leased, or transferred. Development of minerals in non-traditional geologic formations has created a dramatic expansion in mineral development. Because the mineral exploration and development process can dramatically affect the land and its future use as well as the financial condition of the mineral owner and surface user, owners and surface users need to be aware of the potential impacts and take steps to see that their interests are protected. The primary tool mineral owners have is the lease agreement with a mineral company. This paper outlines considerations with mineral development for farm and ranch managers.
Keywords: oil and gas development; leasing practices; leases; hydraulic fracturing; community development; agreements