I’m still an absolute newbie to all this, but I’m learning more. I finally got a copy of the lease from Oxy, and it’s baffling. It’s from 1971 and is with Amoco in perpetuity as long as the wells produce, which seems odd, but I tend to think in terms of land, not mineral rights. The oddest thing of all is that the legal description is blank on the lease, but I have a legal description from my mother’s estate. How do I know what’s correct?
Amoco eventually became BP, right? Oxy is who pays me. How do I know what sort of activity is on the property to which I own the mineral rights? Is there a way to figure out what I should expect for the coming year in terms of tax liability for all this?
Once again, any help is greatly appreciated!