This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
Colorado Surface Damage Payments
Category:
State:
Multi-State
Control #:
US-OG-826
Format:
Word;
Rich Text
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FAQ
A surface use agreement, which is also sometimes referred to as a land use agreement, is an agreement between the landowner and an oil and gas company or an operator for the use of the landowner's land in the development of the oil and gas.
A mineral rights holder or subsurface rights holder may explore and exploit minerals such as natural gas, oil, and coal below the ground within the boundaries of their specific property. Commonly called mineral rights, these rights are real estate assets, which differ from the rights to the land surface of a property.
Mineral rights are those rights that give a person/business the legal right to explore, remove and sell natural resources found beneath the soil surface. These resources include oil, natural gas, gemstones, coal, precious stones and metals.
In Colorado, there is a difference between ownership of the surface rights of the property and ownership of the minerals beneath the property. For example, you may own the surface rights and own a house on the property, but someone else owns the minerals beneath it.
In the United States, landowners possess both surface and mineral rights unless they choose to sell the mineral rights to someone else. Once mineral rights have been sold, the original owner retains only the rights to the land surface, while the second party may exploit the underground resources in any way they choose.
As a general rule of thumb, the mineral rights value in Colorado for leased mineral rights is 2x to 3x the total amount of your lease bonus. For example, if you leased your mineral rights for $100,000 you could expect to sell for $200,000 to $300,000.
Surface rights are what you own on the surface of the property. These include the space, the buildings and the landscaping. Mineral rights, on the other hand, cover the specific resources beneath the surface.
Concerning land ownership and property law, subsurface rights can allow a property owner to discover and utilize anything extracted from underneath a property without interference from a second party. Purchasing both rights for a property is possible.