The vast majority of the world still relies on oil, a renewable resource used in a lot of industries. For many, discovering the presence of oil in their property can be their ticket to a life of financial stability for years and even generations to come. However, evaluating the possibility that your land has oil reserves will not be easy.
To collect oil, you would need to drill a borehole deep into the Earth. That is because oil, which has been dubbed “black gold,” is thought to come from organic materials that have been fossilized throughout several millenniums. Luckily for you, you do not have to dig in order to check for oil reserves in your property. You can let experts get drilling rig components in Oklahoma and extract the substance from thousands of miles below the surface.
There are other ways to find out if there is a presence of oil in your land and if you can take advantage of it to earn some money.
Is There Oil in Your Property?
There are actually several ways to check for oil without digging. You do not have to go beyond the surface; checking for a certain type of rock on your land can tell you whether there is hidden wealth underneath your feet. If you have your suspicions, speaking to your local geologist or geophysicists can examine rock samples and tell you how you should proceed.
Another indication is to wait for the oil to seep into the surface. Before big corporations started digging boreholes to mine oil, people actually wait for the substance to come up onto the surface to collect it. If you find traces of oil or oil deposits on the soil, that is promising evidence that there are oil reserves within your property.
If you want to get serious, hiring experts to survey your property will help you determine if there are oil reserves deep within the surface of the Earth. Aside from examining rocks or checking for oil that ended up on the surface, they can use other techniques, more complicated, techniques such as studying how sound travels through the land which can reveal the type of rocks found underneath.
Finally, look for correlations. Are there other wells within the vicinity? That may be a good reason to start investigating and, maybe, you will also find a pot of liquid black gold under the surface of your land.
Get Mineral Rights ASAP
If you do find evidence of oil reserves in your property, will your profit from it? Absolutely. That is if you have secured minerals rights. Owning the land does not necessarily mean that you also have ownership of the minerals found beneath it. Although, often, the two are intertwined, in the United States, mineral rights are sold separately from property rights.
You need to contact a lawyer who has experience and expertise on mineral rights to help you figure out if, along with the property, you own the minerals underneath, too. Once you have confirmed that you own the mineral rights of the property, you have two options. The first is to extract the oil yourself, but that will require the use of huge and expensive equipment. The second option is to either lease or sell the deed of the land to oil companies that already have the resources to dig.
Oil is obviously a coveted substance that can make you rich. Discovering its presence in your property is good news but, before you make any concrete actions, ask experts for advice.