Is it customary for a Permit to Conduct Geophysical Operations to NOT list a timeframe? Also, is a consideration per acre of $20 and a $10 per acre cultivated-damage-fee a fair offer?
I ask because the offer lists the legal description of the land, county, state, interest (gross/net), and consideration per acre offering but doesn’t list a time frame to conduct the geophysical operations.
Thanks,
Emily Rose
The seismic company prepares its own survey permission form and you can make any changes that you want, such as setting a time frame and limiting the seismic to a single test. Be sure to limit the agreement to specific property listed and delete extension to other lands that you may own in the area as you will not be paid for those additional lands. Check the acreage description to see that it is accurate. Someone more familiar with your area can give you feedback on the damages.
what has to be remembered is that oil and gas leases and other operations are contracts between the mineral owner and/or the surface owner and the oil company or company wanting to do work for oil and gas purposes. That means there is no hard and fast rule about terms. An owner should require the terms of the contract that benefit and protect his interests and his ownership. Time frame, time limits, terms and conditions for being on the property. The mineral estate is the dominant estate meaning it has the right to use as much of the surface as is necessary to product the minerals but that is not ownership. The oil companies know their rights and what they can do. It is imperative that land and mineral owners know their rights as well as the oil company knows its…