Posted by notjustair on April 29, 2011 at 18:34:34 from (70.230.245.135):
Try to make this short. Closing on the farm the 3rd of June. Realtor just called regarding a lease for gas/oil. Apparently there was a $50/year lease signed in '83 with the owners when it was a dairy. They aged and it sold to current owners. There has never been a drill or well and the owners have never gotten any of this $50 per year (in the last 14 years). They believed that this meant the lease was null. Realtor says the originating family may still be getting the $$, thus keeping the lease open. Apparently these don't necessarily following the land ownership chain?
Anyone know the state of KS regulations? The realtor says we will iron it out this week. I'm just wondering what the chances are of this lease existing without anyone knowing. With the price of things these days you just never know. Surrounding farm ground is full of producing wells. I'd rather not have a surprise in 5 years of someone wanting to drill and having rights.
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Today's Featured Article - The 8N and the Fox - by Zane Sherman. Dec. 13 1998, Renfroe, Alabama. Last niht I dreamed about the day that I plowed the field of about 10 acres over on what Jimmy and Dandy called the Ledbetter field. I was driving the 1948 8N Ford tractor that Jimmy bought in 48 new This was prebably in about 1951 and maybe even befor the house was built. This would have made me to be about16 years old and I drove the tractor for nothing and would have paid to drive it if I had had any money which I didn't, but neit
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