So, if I never sell the mineral rights, I do not get any tax benefit on the cost?  I would at least think income from it would be used to offset the investment before any profit was realized?

I updated my answer. I should have included that you are allowed a depletion expense ever year. This is how you get to expense your original cost.  Also you can deduct your severance taxes (if any) and you can deduct any additional expenses that get passed through to you, such as transportation or processing charges

Thanks

Good luck - I hope you hit the jackpot 🙂