What is the title it seem to me they would have got this info before the lease the land and they would have all this ready by the started drilling
Dear Ms pace,
There are several states of title. One, is the title sufficient for drilling an oil and gas well. That title is generally determined a drilling title opinion, sbject to the exceptions and comments of the examiner.
If they make a well, then a separate title opinion is rendered and it's called a division order title opinion. That breaks down the ownership and the revenue interest of everybody due revenue from the well.
Yup
1 Like
It depends upon what ones definition of a title is....To me a title is done by an attorney (or heavily supervised by one) and signed by an attorney. Everything else to me is an abstract. For some companies in some states an abstract (done by an abstractor or landman) is good enough to begin the leasing process. It can get really expensive ordering title on every property you want to lease, because some units will never develop. Then before drilling a title opinion is completed by an attorney, any mess ups done by the abstractor or landman is corrected (hopefully), and the division order is built from this title.
Thank you Oxy call me today and said that there still working on the titleing and That dont no what i mit be expecting but it not going to be a lot of money its is very small amount