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Lots of gas exploration going on here....how to handle it?

By
Real Estate Agent with RE/MAX Advantage

Searcy Arkansas has always been a very quiet town with several industries and a very progressive outlook.  We have been discovered by the gas and oil companies.  We have what is called Fayetteville shale and companies are coming in droves to lease or buy our mineral rights, drill on our lands, and provide lots of new jobs in the town.

Two years ago, if we sold land it was understood that any mineral rights that were owned by the seller went with the land.  It was in the fine print of the contract and still is.  No one gave mineral rights a second thought.  It's a whole new ball-game now!  People are fighting over two acres of mineral rights when they sell their house!  Land that was almost a can't-give-away has been sold for $16,000 per acre. 

Along with this new prosperity, however, come problems.  Our roads are being destroyed by huge vehicles and we have no funds for repairs. 

If any of you have lived through a period such as we are having now, could you give me some advice?  I'd surely love hearing about how it is likely to all turn out.

Gary Bolen
McCall Realty - South Lake Tahoe, CA
CRS - Lake Tahoe Real Estate Information

Have not experienced this yet. Our land in the MS Delta h, as an option on its mineral rights, if I remember correctly. Local govt. folks should have a deal in place to take care of damages to infrastructure. Either via permits, licences...etc. to all involved.

cheers 

Nov 27, 2007 01:17 PM