Louisiana Mineral Exploration License - Option to Lease
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How to fill out Mineral Exploration License - Option To Lease?
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FAQ
Mineral rights give a property owner the right to keep, sell, mine, produce, or extract the mineral estates. As an owner interested in putting these rights up for sale, oftentimes you will encounter oil and gas companies that favor a lease agreement to the mineral rights.
In Louisiana, landowners can transfer the mineral rights for their properties to other people. These rights, known as mineral servitude, give new people the right to explore and drill the site to get the minerals. Transfers fall under Articles 11 and 22, Louisiana Mineral Code.
An oil lease is essentially an agreement between parties to allow a Lessee (the oil and gas company and their production crew) to have access to the property and minerals (oil and gas) on the property of the Lessor. The lease agreement is a legal contract of terms.
Unlike in other states, you can not own the minerals under your land in Louisiana. Under our law you can not own minerals under your land. Ownership of minerals begins only when you pump the oil and gas out of the ground and put it in a tank or a pipeline. Ownership begins with possession.
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.
Mineral Lease a contract between a mineral owner (the lessor) and a company or working interest owner (the lessee) in which the lessor grants the lessee the right to explore, drill, and produce oil, gas, and other minerals for a specified period of time.
If you have mineral rights, you have several options available to help you profit from them. These include: 1) leasing the minerals; 2) selling all or a portion of the minerals; and 3) participating in development of the minerals.
If you have a property that does not currently produce royalty income and you do not have an active lease, the value is nearly always under $1,000/acre. The average price per acre for mineral rights that are not leased is between $0 and $250/acre.
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.
Louisiana Mineral Rights are somewhat unique. Unlike other states, Louisiana mineral rights revert back to the original owner after 10 years from the date of sale or from the date of last production.