Oil well- deal breaker?

Question

How does an oil well affect the value of a property?

I’m in Oklahoma and there’s an oil well on the edge of the property we’re looking at and we can’t find any information on it. The current owners don’t know who owns it, only that it’s not active but the company comes to check on it to service it and read the meter occasionally. They have no idea who owns the mineral rights. Is this a deal breaker? We’ve looked at other properties but this would be the first we actually invest in. I can’t find any information about mineral rights or land leases for oil wells either.

Rhett Tullis · Answer

lots of items on this,

-is it in a neighborhood or on acreage (the house)

-in town or out of town?

-how close are we talking?

most of us old timers are used to them and do not bat an eye on them but some new folks may get turned off.  they are required to be secure when in a residential area (there are a few grizzly things that have happened here in okc in the past with kids) I would not call it a deal breaker generally but also depends are you talking just a pump or are they still actively drilling for oil/gas?  that also has an impact on the noise and mess you are dealing with.

Jeff Nash · Answer

I can connect you with a few potential resources to figure it out.