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I wonder if there is any oil under my backyard?
Old 04-22-2008, 08:40 PM   #1
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I wonder if there is any oil under my backyard?

Just got to thinking, Maybe we put a drill out back and look for oil. The ground is real sandy, kinda like the saudi desert.

Yes drinking on a tuesday evening. Er what a great thing.
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Old 04-22-2008, 08:47 PM   #2
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Ya go outside and start digging. Let us know.
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Old 04-22-2008, 09:47 PM   #3
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Yes drinking on a tuesday evening.
Well, you already struck ethanol!

-ERD50
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Old 04-22-2008, 09:59 PM   #4
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I am not sure it would matter in alot of instances.

I know in our subdivision, even though the houses and land were sold to us (although we all just rent our land from the government), the mineral rights (including any oil or natural gas deposits) were not.

Kind of crazy when you think of that.
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Old 04-22-2008, 10:00 PM   #5
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We can't drill for oil, or raise chickens.
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Old 04-22-2008, 10:55 PM   #6
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Yeah, if you are in a subdivision you don't get the mineral rights...or even the water rights, usually.

But I see you are having fun thinking about it...

R
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Old 04-22-2008, 10:56 PM   #7
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Wonder how deep Newguy is now?
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Old 04-22-2008, 11:41 PM   #8
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off the deep end?
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Old 04-23-2008, 12:12 AM   #9
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Old 04-23-2008, 09:07 AM   #10
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Wonder how deep Newguy is now?
Been digging a hole for a tree today, no oil yet.
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Old 04-23-2008, 09:42 AM   #11
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My dad is 70 this yr and 2 years ago he was surprised when he started receiving cheques for royalties on a long abandoned but recently re-opened natural gas well that he didn't even know about. It turns out that my grandfather, who died in 1970, and his brother somehow acquired mineral rights to this quarter section of land. My dad and his 2 siblings and their cousin have to date split about $90K. The cheques are very irregular in timing and amount, but a nice surprise every time one shows up. Dad doesn't need the cash, but he has a motorhome that gets about 9 mpg that goes to Arizona every year. He did a bit of research and it would seem that at least in Canada, a land owner can no longer buy mineral rights.
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Old 04-23-2008, 09:46 AM   #12
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I actually got an offer from Texaco on the oil under my property. They intended on slant drilling from a site several blocks away. Apparently there is enough oil under our neighborhood to be worth their while. I refused their offer as insultingly low. Never heard back. Wouldn't be suprised if they were secretly siphoning me dry as we speak.
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Old 04-23-2008, 12:11 PM   #13
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I actually got an offer from Texaco on the oil under my property. They intended on slant drilling from a site several blocks away. Apparently there is enough oil under our neighborhood to be worth their while. I refused their offer as insultingly low. Never heard back. Wouldn't be suprised if they were secretly siphoning me dry as we speak.
I've got a cousin who is a "land man". These are the folks who represent the oil company in negotiating with the land owners (usually farmers) for things like building temporary roads on their property, compensation for noise, loss of income from the farm land, etc. As you can imagine, it can be a very dangerous job. With the relatively new directional drilling technology, it gave the oil company the advantage since if a farmer doesn't accept their terms, they can set up at the neighbors place and go exactly where they wanted to in the first place.
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Old 04-23-2008, 12:23 PM   #14
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we don't have oil under our florida houses but many of us do sit on top of an aquifer which i tap by well. when water restrictions kick in, it is not just the tap water people who get affected: florida controls my use of even the well water.
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Old 04-23-2008, 01:21 PM   #15
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When my parents lived in Gulf Shores, AL they were getting regular checks for mineral rights (natural gas I think).
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Old 04-23-2008, 01:42 PM   #16
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I loaded up on gasoline when it was under $2/gal. I bought 3000 gallons. Plus I feel I'm doing my part to keep the earth 'green' by recycling all those gallon milk cartons.
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