Legal Question in Wills and Trusts in Illinois

Mineral Rights

Texaco has been pumping oil from our property for years. We are not being adequately compensated. Land is in Louisiana.

Asked on 3/21/09, 8:39 pm

2 Answers from Attorneys

Diane Ainsworth Ainsworth & Associates PC
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Re: Mineral Rights

Do you have any documentation concerning the royalties you are to be paid and how they are calculated? How do you know you are not receiving what you are entitled to? Note that it is a common problem with fee tail land in the south for heirs and others to lose track of which family member has the information and is receiving the checks. This information should be given to all who could possibly ever have any entitlement to any royalty payments in your family. (Better yet, the payments should be placed in a trust and distributed to family members that way).

In short, I don't have enough information and it sound like you don't either - at least not right now. When you can provide more information, you should contact my offices if you wish to discuss this further. Visit my site at www.estateplan4you.com.

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Answered on 3/22/09, 7:34 am
Adam Tracy Securities Compliance Group Ltd
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Re: Mineral Rights

Thank you for your question. I have dealt with this issue on occasion and have found that no single situation is alike. Your first stop would likely be to the county recorder's office. Mineral rights can be sold separately from property but must be recorded as you would a property deed. Second, assuming there is a recordation, you should attempt to determine the extent of the drilling to see if it is in fact in line with the rights they purport to have.

I would love to hear more. I am a former employee of "big oil" at BP. Feel free to email me: [email protected]

Thanks

Adam Tracy

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Answered on 3/22/09, 1:10 pm

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