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In 1954, shareholders approved the transfer of mineral rights on the land to a new entity, TXL Oil Corporation, who could engage in the exploration, drilling and development of oil and gas properties. At the time, TPL’s holdings included approximately 1.8 million acres across 28 counties in Texas. [8]
The Texas General Land Office (GLO) is a state agency of the U.S. state of Texas, responsible for managing lands and mineral rights properties that are owned by the state. The GLO also manages and contributes to the state's Permanent School Fund .
Mineral rights are property rights to exploit an area for the minerals it harbors. Mineral rights can be separate from property ownership (see Split estate).Mineral rights can refer to sedentary minerals that do not move below the Earth's surface or fluid minerals such as oil or natural gas. [1]
Because Texas land is abundant with oil, natural gas and various minerals, owning Texas property has added value beyond the surface real estate. Skip to main content. 24/7 Help. For premium ...
In some states, severed mineral rights revert to the landowner if the mineral right not exercised for a certain time period. [ 3 ] In most states, unless otherwise specified by a deed, the owner of the oil and gas interest is presumed to have the right to occupy as much of the surface property as is reasonably needed to extract the oil and gas ...
A Landman or "Petroleum Landman"—in the United States and Canada—is an individual who performs various services for oil and gas exploration companies. [1] According to the website of the American Association of Professional Landmen (AAPL), these services include but are not limited to: negotiating for the acquisition or divestiture of mineral rights; negotiating business agreements that ...