The oil and gas boom in the U.S. has prompted a steep increase in real estate prices across states such as North Dakota and Texas. Not only are there areas where land sells at high prices because of the gas and oil underneath it, there’s also the influx of new workers to towns where the new drilling technologies, such as fracking. pull more energy out of the ground. The question for investors is how to get in — and if you really want to.

Investing in Land

Most people think that the way to get into a boom is to buy the land on which exploration happens. The problem is that there’s only one publicly traded company that deals in that land: the Texas Pacific Land Trust (TPL ).

TPL is unique because of its odd history; it began as a land deal for railroads in the 19th century. The end result is a company that is trying to dissolve itself — it makes money from land leases, sales and the royalties from resource exploration and grazing rights.

TPL owns 926,535 acres in numerous separate tracts spread over 19 counties in the western part of Texas. The company also has a small stake (1/128 or 0.7%) in oil and gas royalties underneath another 85,414 acres, and is the 1/16 owner of nonparticipating oil and gas royalty interest under yet another 373,777 acres. That’s a lot of real estate, approximately the size of the state of Connecticut.

The trust’s stock currently trades in the $150 range. It last peaked at about $242 per share on Sept. 5 of this year. Even with the drop, the stock is still well into positive territory for the year. (For a look back, see: Cashing in on Low Land Prices .)

Where Does TPL Go From Here?

There’s reason to be wary, though. Even if the oil boom continues it’s far from clear whether TPL will keep on gaining as it has, as recent price swings show. Before fracking hit the headlines, the stock rarely broke the $60 level over the course of a decade. It might well be that TPL is better as a buy-and-hold, and that buyers should simply ignore the income from gas and oil royalties in factor of looking at it as a longer-term investment.

TPL isn’t the only option for cashing in, though. It’s possible for investors to get into real estate investment trusts that cater to the development that goes with oil exploration, rather than the exploration itself.

Consider Industry Services

One example is the companies that build man camps, the groupings of trailer-like buildings that house oil and gas workers. Aaron Visse, the manager of the Forward Global Infrastructure Fund, noted that while companies such as Black Diamond Group Ltd. (BDI ) share some of the boom and bust cycle of the oil industry, they aren’t entirely dependent on it.

Another factor, he says, is whether the peak might not have already arrived, and if it’s better to sell. Black Diamond hit the $35 mark in April. But if one has faith that the energy boom and boomlets will continue a while longer, and one has the intestinal fortitude to handle the swings, then getting in on camps might not be a bad idea. (For more, see: Fracking Can’t Happen Without These Companies .)

Demand from All Those Workers

Another avenue is income-producing properties, through companies such as Investors Real Estate Trust (IRET ). Ian Goltra, manager of the Forward Real Estate Long/Short Fund, said IRET — despite its dips earlier in September — is the kind of bet that can work because it invests in properties that are already in a position to make money rather than speculative plays (it owns office buildings rather than empty lots). That means that as more workers move in and create demand for services, such as health care — a type of property in the company’s portfolio — IRET can profit. That said, Goltra cautioned that such companies are small-cap, and as such, can be volatile.

He added that the price of oil is critical to these calculations: commodity prices are notoriously hard to forecast. A big bust in oil and gas could send many companies that feed off them — even indirectly — into tailspins. (For related reading, see: Forget About Falling Oil, Look at these 5 MLPs .)

Both Visse and Goltra note that small landowners that sell rights can be a good forecasting tool. If lots of people are telling stories about how their best friend made loads of money selling rights to gas companies, odds are that’s a signal to sell, not buy.

The Bottom Line

If you want to get in on the real-estate side of the oil and gas boom, there are several ways to do it, but prepare to be an avid oil price-watcher and beware if you’re seeing lots of other people with the same idea. (For related reading, see: Fracking ETFs of Drilling Services Stocks? )