I am curious if anyone has heard of a person inheriting mineral rights that consisted of being able to negotiate and enter a lease but not receive the royalties or the bonus money? This is what I am being told by a landman from an oil company that tracked me down. Why would anyone give up the rights to the proceeds but not the negotiations, if that is even possible? Any insight is appreciated.
Yes, that is possible. Executive rights are the rights to negotiate. The royalty rights are slightly different. It can happen when a person is the trust officer for a trust or for a child that might be too young to sign or an elderly person with dementia, etc. The adult can negotiate, but another person or entity receives the proceeds. Get the leasing person to explain which of those situations or another that you might be in.
Thank you for the quick response. I am in the process of reviewing the Wills, the Probate paperwork and Mineral Rights Deeds, which is difficult since the deed was filed in 1957. To attain an unbiased confirmation on what rights were inherited, is it better to seek a mineral rights lawyer or a landman?
Thanks again!
A landman is generally cheaper and give you the basic answers as a starting point. Then if you have remaining questions or sticky points of law, you are already armed and can spend less time in the attorney’s office for the harder questions.