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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