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Question for Texans...
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<blockquote data-quote="TexasBred" data-source="post: 1265505" data-attributes="member: 6897"><p>If it was in fact a real oil well, the well belongs to the oil company and the mineral rights belong to the property owner or sometimes to someone else who retained the mineral rights when he sold the surface rigths. The oil company leases the mineral rights and the lease agreement determines what percentage of the production from the well actually goes to the owner of the mineral rights. This can vary from 12.5% to as much as 30% in some exceptional cases. I've never seen one actually in a yard as there are requirements that wells drilled not be within a certain distance of an existing dwelling and/or property line. Maybe they had a 300 acre yard. :lol: :lol:</p></blockquote><p></p>
[QUOTE="TexasBred, post: 1265505, member: 6897"] If it was in fact a real oil well, the well belongs to the oil company and the mineral rights belong to the property owner or sometimes to someone else who retained the mineral rights when he sold the surface rigths. The oil company leases the mineral rights and the lease agreement determines what percentage of the production from the well actually goes to the owner of the mineral rights. This can vary from 12.5% to as much as 30% in some exceptional cases. I've never seen one actually in a yard as there are requirements that wells drilled not be within a certain distance of an existing dwelling and/or property line. Maybe they had a 300 acre yard. :lol: :lol: [/QUOTE]
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