My family inherited 260 acres of land in Los Angeles County with 12 untapped oil wells. Records from the State Department of Conservation show the status of the idle wells. The land has been in our family for over 30 years, and an independent geologist estimated there are 18 million barrels of oil. However, no drilling has been done since the 1950s.
Would local oil operators be interested in surveying the land, and if they confirm oil, could they lease it and offer us royalties? What would be the best way to approach this? Any advice would be greatly appreciated.
There are of course operators that would review your property. Economic, location and regulatory restrictions will be a consideration. With the large acreage position, you are most likely outside of the City. Post your general area and I will try to point you to some potential operators to contact.
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Thank you for your response. My land is located in Los Angeles County, in the Santa Clarita area.
You may want to talk to Shadow Wolf Energy. They are a small producer in the Santa Clarita field. They took over some of the Berry Petroleum properties. Be patient since they can be slow to respond.
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Will look into it, thanks!