This form is used when any party electing not to participate in an exploratory well after the exploratory well has been drilled, relinquish and assign to the Drilling Party or Parties one hundred percent (100%) of its rights, title and interests in the Drilling Unit and the eight (8) Drilling Units directly and diagonally offsetting the Drilling Unit on which the well was drilled.
Arkansas Relinquishment Provision - Exploratory Well
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Multi-State
Control #:
US-OG-717
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Word;
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How to fill out Relinquishment Provision - Exploratory Well?
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FAQ
Transfer by deed: You can sell your mineral rights to another person or company by deed. Transfer by will: You can specify who you want to inherit your mineral rights in your will. Transfer by lease: You can lease mineral rights to a third party through a lease agreement.
In Arkansas, there are a number of different situations in which real property is transferred from one person to another, but they each have one thing in common ? a deed. A deed is the legal document which officially transfers ownership of a piece of property. Without a deed, there cannot be an actual transfer.
Arkansas charges a real property transfer tax for real estate transfers involving more than $100.00 in payment. The total transfer tax rate is $3.30 per $1,000.00 of consideration?two-thirds of which is expressly the new owner's responsibility.
In the State of Arkansas when a person sells a piece of property the mineral rights automatically transfer with the surface rights, unless otherwise stated in the deed.
The Arkansas Oil and Gas Commission (OGC) prevents waste and encourages conservation of the Arkansas oil, natural gas, and brine resources, to protect the correlative rights associated with those resources, and to respect the environment during the production, extraction, and transportation of those resources.
In the State of Arkansas when a person sells a piece of property the mineral rights automatically transfer with the surface rights, unless otherwise stated in the deed.
In Louisiana for example, if you sell land, you may retain ownership of the minerals beneath it for a period of 10 years and one day at which time you must transfer such mineral rights to the current owner of that tract of land, but only if that owner has retained the land for the same period of time.
The rule followed is generally known as the Strohacker Doctrine, named for the case of Missouri Pacific Railroad Co. v. Strohacker,s in which the Arkansas Supreme Court affirmed a chan- cery court decision that reservations of "coal and mineral deposits" in 1892 and 1893 deeds did not reserve the oil and gas.
