Louisiana residents who find they are sitting on land that is rich in minerals have every right to take advantage of the situation. If approached about an oil and gas lease, it may be tempting to accept whatever is offered, but that may be a mistake. Be careful and seek assistance with negotiating lease terms that are to one's benefit.
Mistakes often made when negotiating oil and gas leases
Oil and gas law: Obtaining a drilling permit
Anyone who wants to drill for gas and oil in the state of Louisiana has to obtain a permit before they get started. Most people are aware of this. Some may not be aware of how difficult it can be to obtain the necessary license. Thankfully, those who need help with the process can turn to an oil and gas law attorney for assistance.
Oil and gas law: What is the rule of capture?
Those who own land in Louisiana that sits above gas and oil stores have the property rights to those valuable resources. This is pretty basic property law. However, oil and gas laws do not necessarily abide by basic property laws. According to oil and gas laws, it is possible to claim the property rights to these stores if one's well draws them up from neighboring land. How does this work?
What can an oil and gas attorney do for property owners?
Louisiana is home to various natural resources that are needed by the United States and sought after by certain companies. Oil and gas, for example, can be found in abundance here. Those who are landowners of property where these substances are located may find themselves dealing with a number of legal issues. Having an attorney who has experience with oil and gas law can be beneficial when these issues arise.