During the 1970’s and 80's, there was a wildcat boom in this part of middle Tennessee to tap the natural gas and oil found in the subsurface shale deposits in this area. Within a decade or two, the wells petered out and drill sites were abandoned but it's possible that, if there was an untenable rise in the cost of gas or a problem with supply and demand, “borderline” wells could be scrutinized with new eyes.
Many properties here in the Big South Fork area have a well that supplies natural gas for household use. Purchasing a property with oil or gas on it or the potential to re-open such a well could be a boon to the owner…or not….depending on WHO OWNS THE MINERAL RIGHTS.
In many cases, the mineral rights will have been sold or assigned. This information is contained in the deed and would-be buyers are advised to carefully read the Sellers Property Disclosure to determine whether the mineral rights convey with the property.
Given the area's history, it is not uncommon for a seller to reserve the mineral rights for his future use and severed mineral rights are common throughout the Cumberland Plateau. A person may also own rights to only one kind of mineral, such as coal or oil and gas, and/or to only one formation or depth. If mineral rights do not convey, the buyer will own the surface rights but whomever owns the subsurface rights will be granted access to the property through an implied easement, which allows the holder of the subsurface rights to come back onto the property for the purpose of extracting the minerals, without compensating the landowner. Damage to the surface must be repaired, although the landowner may not agree with what constitutes "repair." This encumbrance may make a particular property much less desirable to the buyer.
Moreover, when they are specifically identified, the minerals are TAXED! The Tax Assessor can tell you whether a particular property has a "mineral card" on file. The mineral deed itself is registered with the county register of deeds and will become a part of the abstract of title to the land involved.
For information about Big South Fork real estate or horse properties in Jamestown, Tennessee, go to www.trailridersrealestate.com
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