Mineral Rights (how much, lawyer, legal)

[lizungry8]

I have just learned that I have mineral rights from a deceased relative. They have located us to let us know that they are going to start drilling on the property. How long does something like this take for them to do that, let us know what they are giving us, and money to come in???

[lizungry8]

Also, how do I find out what percentage of the rights my family has and if someone else has them as well??

[msdmckee]

Hoo Boy! You should probably contact an attorney.

If you have a copy of the will, figure out what and how much (usually a percentage) mineral rights you have.

Some info may be gotten by going to the State of Wyoming's web site as well.

If it was me, I'd start with an attorney you know and trust!!!

[lizungry8]

Ok, I guess I dont understand much of this. I am pretty young and never even heard of this till a month ago. I know so far the rights that are shared in my family I would get a third of a third. But how long does this whole process take? I know that they have already found lithium on the property.

[msdmckee]

OK........here's a link to the State Lands office:

Office of State Lands & Investments Read through some of the mineral rights stuff.

You might talk further with your family and try to better understand what is going on.

Keepa asking questions!!!! That'sa way to go!!!

If you need more, an attorney's advise (ask about fees before hand) can help too!

[Kristynwy]

I too would suggest an attorney... or talking to the executor of the will... meaning who is in charge of carrying out the relative's wishes...

[msdmckee]

Just for kicks and grins.......you might want to google the mineral company who has contacted you, see what they are all about.

Then, for a bit more indepth understanding, google lithium and see waht it is all about.........including uses, market value ect.

Have fun!! Don't expect a check in the mail soon AND don't spend any money until it is in your hot little hand! Maybe don't even spend it then......take your time and do something worthwhile!!!

[lizungry8]

Well, the executer of the estate passed away so now my aunt is in charge of all that. None of our family even knew that my grandma had mineral rights that she didnt sell. I have a copy of her will and there was nothing there about it. I have read some about all this but I dont understand how they go through the work of finding us and state that they are going to drill oil. Dont they have to search for oil first? How long of a process does it take for them to figure out where there is oil to drilling for it?

[msdmckee]

The owners name (your Grandma) of the mineral rights will usually say something like .......Grandma and all heirs and assigns........that way there isn't a need to specify in a will who inherits the rights, it is done by law.

This is a layman's take. You really need to see a lawyer to get to the specifics. Good Luck!

[Clay Lady]

I would like to add my encouragement for you get yourself/your family a lawyer to handle the details. As with all legal matters it takes a lawyer these days to understand and handle the details.

I don't know about Wyoming but in Arkansas usually you are paid a sum of money so they can drill and then you are paid royalty money based on what comes out of the ground. I would think the company had to get permission first to drill - which is what you may have received notice of. That would mean a check fairly soon. Royalty money takes longer to receive but keeps on giving!!

Good luck - get yourself a good lawyer to look at any agreements. A third of a third could be sweet. My husband recently told me about a well in North Dakota bringing in four barrels of oil an hour - that means about 50 thousand a day pulled from the ground!!