Precedent is a central principle in the area of law. As such, working in mature areas of law with long established legislation can be beneficial to attorneys. This CLE course will explore the fascinating legal area of oil and gas, which, while relatively young, is a fairly well developed area and yet is uniquely positioned due to the theory of “ownership in place.” The theory stipulates that certain reserves can continue in perpetuity, regardless of how long ago they were established, and that their status retains any ambiguities made by previous legal agreements, even those of previous centuries.

The course will examine the creation and interpretation of various oil and gas land and production interests as well as explain some of the most common sources of ambiguity. These ambiguities, for example the severances in different states, mineral reservations and royalties and estate severance, may create tremendous confusion for title examiners and thereby increase the risks for oil companies.