The possibility that you may have a mini oil and gas reserve in, around, or near your property is a unique characteristic of your home and land. But this reserve means nothing if it’s not properly assessed or drilled. Here, we explore how to tell if you have oil or gas under your property and what you can expect in the event you do.
Most people don’t automatically assume they have oil or gas under their property. But they may have a hunch based on insight from neighbors and local demographics. If this sounds like you, you’ll want to call an expert in the field to complete an oil assessment. They will know exactly what to look for and how to evaluate land conditions and traits below surface level to determine if your land has oil or gas.
An expert geophysicist carries the necessary tools and training to understand how to read seismic surveys, which can highlight the presence of either material. Going straight to mining may be more expensive and turn up zero results, so the call to a geophysicist is the most cost-effective way to begin.
The oil assessment process is a minor drilling operation that simply tests the land, compared to a major drilling operation that potentially extracts the liquid materials. Professionals may create a handful of testing wells to accurately evaluate the property lines. The test results will highlight the type of available resource, in addition to the cost of extraction, should you pursue these efforts.
Let’s say a geophysicist drilled your land and found an abundance of liquid gold flowing throughout the property. First, you will need to obtain a government-issued permit that states you may drill on this land. From here, a drilling contractor can assess the property for major drilling wells and determine if your property is viable for resource extraction.
Simply finding resources is not enough to drill or sell the resources. A common myth about the oil and gas industry is that landowners fall into extreme wealth after discovering these resources on their property. But this is false because not every property produces a viable resource, even when it’s found on the land. Black liquid gold can be advantageous or disadvantageous, depending on who you ask.
You must know your rights for the resources on your land. If the government reserved these resources before your land agreement, you hold no entitlement to these resources and cannot make decisions regarding their use. But if there are no reservations for the resources and you own the land, you also own these resources, which are protected according to your mineral rights. It’s best to refer to your county’s records to learn this information.
It can be challenging to tell if you have oil or gas under your property, so hiring a professional is best. Ensure you do your due diligence if you do have a personal flow of black liquid gold.
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