My sister & I sold a 150 acres of land in Texas a number of years back, but we did retain the mineral rights. Diversified Land Management Company wants permission to look for oil or gas and said that if they found any then we would go fom there. Do we give them permission to do this or what?
You CAN give permission. Your question does not provide anywhere near enough information to determine in you SHOULD. Even if you provided the required information, this is not a question for which you should take advice from us Yahoos. Follow the advice of those who recommended consulting an attorney. They will be more familiar with your rights as they currently stand and how granting permission to the company will affect them. I would guess simply granting permission to look would not be a problem. Granting ANY permission beyond looking may. The rights of the current property owners is something else we don't know.
NO. Do not do a thing without first seeing an attorney on this matter. Texas is a bit complicated, especially for Oil & Gas rights. It is worth your while to see an attorney about this right away.
Consult an attorney.
This is a very good thing. I have mineral rights and if someone told me that they wanted to look for mineral I would be very happy. The first thing is that they should be asking to lease the mineral from you. Do you have any contact info for any of the land owners that lived around your farm. Generally companies move in patterns across areas and your neighbors probably leased their mineral also. Ask how much they lease for and how long is the lease. The company SHOULD know from going through public records that you do not own the property and should get with the new land owners. I would tell them that you do not own the land and who you sold it to. The land owners should also get some money for them to work on the property. GOOD LUCK!!!