I'm A True Texan Now

[bburton]

Got me a gas well. This one's almost in our back yard; the next one they drill, we'll be gettin' monthly royalties on it (if it ain't a dry hole ).

Already pocketed a cool $320 on the lease!! Whooo, doggies, ol' Jed's a millionaire.

[TXhummer2]

Let's hope it is a gusher!

[kenw]

Are you absolutely positive you have mineral rights? Most folks don't. Land rights and mineral rights are sold separately in Texas.

[boxofrocks]

Black gold.

Texas Tea.

(I know it's a gas well, but couldn't resist.)

[boogie]

Hope you have Two gushers.

[KeithAlanK]

Hope it goes well for you, Bruce. ;)

[DEMDeepEllumMusic]

If it's a gusher on a gas well they will shut it down, who needs more water?

Yeah mineral rights are a crazy thing down here, especially if you live within a mile or so of an OLD railroad line since many times the RxR's were given full mineral rights along their tracks-sometimes on both sides sometimes in a patchwork method where it went from side to side every X length.

I would guess that they are drilling down about 3000+ ft?

Jed was over in Tennessee you want to be JR or a HUNT!

[bburton]

As you probably can tell, my original post was very much "tongue-in-cheek." As many homeowners in North Texas will discover, there's really not many $$ in this at all:

(1.) We do own the mineral rights as original owners of the home.
(2.) Gas exploration/production company buys rights for $320 for 5 years to start production.
(3.) They have to gain enough homeowners in the area to allow them a "path" for horizontal drilling from about a quarter mile away from the subdivision to even start exploration.
(4.) IF they gain enough homeowners, and IF they find gas and start production, then hundreds of homeowners share a monthly royalty of 22-23%.
(5.) Thus, I figure my wife and I MIGHT receive about $50/month as our share of the proposed well, if and when it goes into production.

It's certainly not sufficient extra income to quit our jobs. Nor to move to "Beverly Hills."

[DEMDeepEllumMusic]

Maybe you can "tap" into the reserves for heat during the winter, get that old shovel out and start digging till the dirt comes flying into your face.

Heck maybe they will tap into an elephant and you might make $100 a month!

[JohnT]

Yee-haw!!!

This reminds me, I need to call the drilling company and get my $400 lease check. Mineral rights to follow.

[zepp]

Originally Posted by bburton

It's certainly not sufficient extra income to quit our jobs. Nor to move to "Beverly Hills."

Yea, I wouldn't be enrolling your nephew in brain surgery or double naught spy school just yet either.

[DEMDeepEllumMusic]

I wouldn't even be looking at a cement pond either.