Texas oil discovery is biggest in U.S. history
Wednesday, November 30, 2016
The U.S. Geological Survey uncovered an oilfield in west Texas capable of producing 20 billion barrels of oil and 1.6 barrels of natural gas.
The find is located int the Midland Basin of the Wolfcamp Shale area in the Permian Basin. Geologists estimated it to be nearly three times larger than the Bakken Formation in North Dakota, making it the largest continuous oil discovery in U.S. history, according to CNN.
Oil has been produced in the Wolfcamp area by traditional wells since the 1980s. Today, there are more than 3,000 horizontal wells in operation there.
Learn more: CNN > Mammoth Texas oil discovery biggest ever in USA
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How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
Are my royalty payments transferable?
Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
What are royalties?
Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.