I am the mineral rights owner of roughly 40 +- acres in south Ms. I have a letter requesting a seismic permit for 24 months. I understand there is compensation for the surface owner. Would there be any compensation for the mineral owner?
Thanks
Not usually any compensation for the mineral owner, but it may depend upon the state.
Gotcha. If and when they find anything. How long is this process and how will I be notified or so I have to stay on top of them?
The length of time is totally dependent upon what the company is trying to accomplish, how big the survey is, who the contractor is, how long it takes to process, how long it takes to interpret, etc. There is no input from mineral owners and they should not expect any output. The data is proprietary to the company and their Geologist or Geophysicist will be interpreting. The surface owner will be notified as to what day they will be shooting (maybe). You do not have to stay on top of anything as it is out of the mineral owner’s hands.
Understood. Now let’s say they do find Gas/Oil. The Mineral owner is compensated at that point correct?
Yes, you will receive royalties if your land is leased and the well is productive and the spacing covers your acreage. (The answer depends a bit on the state.)