Stay in the Know
If you own mineral rights it’s worthwhile to stay aware of area activity that affects the value of your property. The most important activity you should track is planned wells, also known as permitted wells.
If a new drilling permit is filed near your mineral rights, this is good news for mineral owners. When it becomes more likely that a well will be drilled on your property, the value of your mineral rights increases.
A permit is an application to drill a well that an oil company files with the state regulatory agency. When applying for a permit, the oil company must submit detailed drilling plans for approval. A permit represents an intent to drill which is why many mineral owners around the permitted location will receive calls and letters about selling their minerals.
Although a permit doesn’t guarantee a producing well will be drilled, it’s a good sign that an oil company has taken the time to prepare a drilling plan for that area.
Mineral Answers will send you notifications of these applications to drill once they arrive at the state agencies. This will allow you to understand when the value of your property increases. These notifications are free when you sign up for an account with Mineral Answers here.