I'd feel in an awkward postion to ask my inlaws who just found oil on some land they own- so I pose the question to you guys:
From what I've gathered they have 116,000 or 16,000 dollars worth of oil. We live in the great state of TEXAS> yee haw! But what are their options?
How long does it take to see the money?
Can they sell?
Thanks any input/comment on this issue would be great- I am clueless to this subject.
2007-03-01 04:23:54 · 2 answers · asked by killykat911 2 in Business & Finance ➔ Other - Business & Finance
Typo up there: it's $116,000 or $160,000
2007-03-01 04:25:28 · update #1
Your folks will have to look at their deed and see if the own the oil/mineral rights. These days, there is usually a rider when you buy that tells you that you dont have these rights. If they are lucky, and do have these rights, they need to do some careful shopping for who to sell to and how they are going to ge the oil. Very often, the entire landscape will be ruined by the methods used to obtain the oil.
2007-03-01 04:33:38 · answer #1 · answered by juncogirl3 6 · 0⤊ 0⤋
I can't see an oil company wanting to be bothered by collecting that little oil.
If they do seizmic work and determine a large pool, that is one thing, but just 2,000 barrels is not worth their while...in fact it constitutes an environmental hazard that the owner is responsible for cleaning up.
2007-03-01 12:35:23 · answer #2 · answered by bob shark 7 · 0⤊ 0⤋