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Showing posts with label mineral rights. Show all posts
Showing posts with label mineral rights. Show all posts

Monday, April 30, 2007

Mineral rights at issue in Northwest Georgia

A natural gas discovery in Alabama has Northwest Georgia officials warning citizens to do their research before selling the mineral rights of their land.

Energy companies are trying to buy up land in Floyd and Chattooga counties following the opening of a natural gas field in northeast Alabama.

Officials urge anyone confronted with offers to buy mineral rights on their land to seek legal advice before signing any contract.

According to the Rome News-Tribune, the energy companies are offering as much as five-hundred dollars per acre for a five year lease of the mineral rights. But local officials warn that mineral rights apply to anything that is in the ground, not just pockets of natural gas.

Officials say property owners may also not realize that a five year lease could last a lot longer. Under the terms of some contracts, a natural gas find would automatically extend the lease until the well stops producing.

The state of Georgia does not regulate most shallow drilling.

GPB News Team: