This form is an Oil, Gas and Mineral Lease. The lessor grants a right to the lessee to enter and use certain property for the production of oil, gas, and sulphur. The document must be signed in the presence of a notary public.
Arkansas Oil, Gas and Mineral Lease
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Multi-State
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US-00577
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List of Natural Resources of Arkansas Diamonds and Quartz Crystals. ing to J. ... Timber. Trees are abundant in Arkansas. ... Bauxite. Bauxite--an aluminum ore--is an important natural resource of Arkansas and was named as its official mineral in 1967. ... Bromine.
Mineral rights are a form of real property, and they are governed by the same principles of marital property law as other real estate. If the mineral rights were owned before marriage, they are separate property.
All of these resources are currently being mined in Arkansas. Although accurate production data are not readily available, bromine brine, crushed stone (sandstone, limestone, dolostone, and syenite), sand, and gravel have been the most valuable industrial materials mined in recent years.
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
In the State of Arkansas, the mineral rights are considered part of the sale with the surface rights unless they have been specifically reserved. A review of the property abstract should indicate if the minerals rights were reserved by a former property owner.
Although they can be bought outright, more commonly, interests are sold in the form of royalties, leases, or production payments. Auction. Auctions sell mineral rights for both producing and non-producing properties. ... Government Auctions. ... Brokers. ... Private Placement. ... Negotiated Sale. ... Tax Sales. ... Direct From Mineral Owners.
The most important ore minerals in Arkansas are rutile, brookite, and ilmenite. They are present in Pulaski, Saline, Hot Spring, Garland, Pike, Howard, Sevier, and Little River Counties. They are also present in alluvial sands on the Arkansas and White Rivers.
If the lease has a 1/8th (12.5%) royalty, that will result in the operator paying 100% of all costs and receiving 87.5% of the revenue. The remaining 12.5% would be the royalty interest in oil and gas paid to the mineral rights owner.