if find OIL

[The*Empress]

if you find OIL,, after accidently digging in ground, what would you do?

Would you cover it back up with dirt, and not tell anybody?

Or would you go tell Bush?

Or would you own an OIL company?

Or would you sell the land for $$$$million of dollars????

 

[apathrev]

I think the obvious choice would be sell it for whatever amount the finding is appraised at.

Tell Bush and you'll learn the meaning of imminent domain.

 

[The*Empress]

I think the obvious choice would be sell it for whatever amount the finding is appraised at.

Tell Bush and you'll learn the meaning of imminent domain.

Haha, that's funny...

EMINENT DOMAIN, I believe Bush is a honest man, he'll give me
a good job at the white house.

 

[apathrev]

I believe Bush is a honest man,

If you believe that, then I got an Olympic size swimming pool in New Orleans
I'll sell you for $100.

He's a politician. Enough said.

 

[Tousi]

Miss. P, if you mean finding oil on your home property, in most jurisdictions in the US, you lose the mineral rights; of the dozens of times you sign your name to documents in escrow closing, that is invaribly one of them.

 

[The*Empress]

well I can split 50 - 50 with myself and the owner of the land.

If that is all.

 

[Tousi]

well I can split 50 - 50 with myself and the owner of the land.

If that is all.

No, no, you misunderstand me, no owner of regular residential property can own any mineral rights to their own land, whether it be water, gold, oil, etc.

 

[Teresh]

I believe Bush is a honest man

Only trust politicians as far as you can throw them... That goes for members of any party, Democrats and Republicans alike.

he'll give me a good job at the white house.

I have trouble believing cleaning the President's toilet constitutes a good job...

 

[sequoias]

From what I heard somewhere, you don't own the property below several feet, I dont' remember how many feet...ur property is only good on several feet deep, any deeper belongs to the government. You don't own the oil if it's on the spot of your property, they got the power to take it all away.

 

[Nancy]

From what I heard somewhere, you don't own the property below several feet, I dont' remember how many feet...ur property is only good on several feet deep, any deeper belongs to the government. You don't own the oil if it's on the spot of your property, they got the power to take it all away.

Ok, this makes me think of the TV show "The Beverly Hillbillies" where Jed found the oil, and his family (a bunch of hicks) became rich and moved to California.....so I guess this "idea" taught a lot of us wrong that the oil belongs to us if we found it (oh, and have you seen the movie "Giant" where James Dean found the oil?).

 

[apathrev]

From what I heard somewhere, you don't own the property below several feet, I dont' remember how many feet...ur property is only good on several feet deep, any deeper belongs to the government. You don't own the oil if it's on the spot of your property, they got
the power to take it all away.

So basically what you're saying is the Beverly Hillbillies could not happen in actual life?

This just crushed my dreams.

*hangs up rifle and rugged hate, and puts old bloodhound to sleep*

 

[Oceanbreeze]

So basically what you're saying is the Beverly Hillbillies could not happen in actual life?

This just crushed my dreams.

*hangs up rifle and rugged hate, and puts old bloodhound to sleep*

Cental I was thinking the same thing when I saw this thread.

 

[Oceanbreeze]

Ok, this makes me think of the TV show "The Beverly Hillbillies" where Jed found the oil, and his family (a bunch of hicks) became rich and moved to California.....so I guess this "idea" taught a lot of us wrong that the oil belongs to us if we found it (oh, and have you seen the movie "Giant" where James Dean found the oil?).

I also thought of the Beverly Hillbillies when I saw this thread. A bunch of us might've.

 

[Oceanbreeze]

From what I heard somewhere, you don't own the property below several feet, I dont' remember how many feet...ur property is only good on several feet deep, any deeper belongs to the government. You don't own the oil if it's on the spot of your property, they got the power to take it all away.

Yikes! I really wondered what would happen if someone actually DID find an oil reserve on their property.

Guess I won't go looking for oil anytime soon.

 

[The*Empress]

not even if I find gold or diamond on my property?

This is USA, are you sure?

 

[Tousi]

Ok, this makes me think of the TV show "The Beverly Hillbillies" where Jed found the oil, and his family (a bunch of hicks) became rich and moved to California.....so I guess this "idea" taught a lot of us wrong that the oil belongs to us if we found it (oh, and have you seen the movie "Giant" where James Dean found the oil?).

Oh, Cental, don't lose faith just now; this property law prolly wasn't in existence in their (Beverly Hillbillys) day and also if you noticed, my responses to Miss P on this issue were very narrow, sticking to residential neighborhoods only. I'm sure there's land one can buy free from the mineral rights issue and ya kin drill to yer heart's content!

 

[apathrev]

Oh, Cental, don't lose faith just now; this property law prolly wasn't in existence in their (Beverly Hillbillys) day and also if you noticed, my responses to Miss P on this issue were very narrow, sticking to residential neighborhoods only. I'm sure there's land one can buy free from the mineral rights issue and ya kin drill to yer heart's content!

*pulls hat and gun off rack, performs voodoo ritual to bring bloodhound back to life*

Wee doggy!

 

[Tousi]

Lol!

 

[diehardbiker]

Close but not exactly. Usually they have to find out who is the owner of mineral rights right below your property. If it is unclaimed, you OWN it! Unfortunately, there isn't much unclaimed mineral rights available at this time.

If this happens to me, I'd rent off my property to oil companies, first year start up would be high enough for me to buy another property. Then live off from that nice rental!

Miss. P, if you mean finding oil on your home property, in most jurisdictions in the US, you lose the mineral rights; of the dozens of times you sign your name to documents in escrow closing, that is invaribly one of them.

 

[Tousi]

not even if I find gold or diamond on my property?

This is USA, are you sure?

Pretty much, yes, Miss P; however if you were digging a post-hole or putting in a cement slab for a patio and you found a gold nugget, it would probably be yours; you just can't make the effort an ongoing enterprise.....