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.
Louisiana Relinquishment Provision - Exploratory Well
Category:
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Multi-State
Control #:
US-OG-717
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Word;
Rich Text
Instant download
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How to fill out Relinquishment Provision - Exploratory Well?
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FAQ
The landowner can enter into an agreement to lease the mineral servitude to a lessee who will then have free reign to extract whatever minerals they find. The main term of the lease is between 3 to 10 years and can never be more than 10 years long, as that's when the mineral servitude will revert to the owner.
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.
Transfer By Will It is also possible to transfer or pass down mineral rights by will. The right to minerals transfers at the time of death to the individuals named as beneficiaries. If no specific beneficiaries to the mineral rights are designated, ownership passes to the property and real estate heir.
Oil & Gas Mineral Rights If your land is located in an area that is proven to have oil and gas, you have the ability to lease your mineral rights to drilling companies and receive a cash bonus just for signing the lease. The bonus is typically paid to you on a per-acre basis.
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.
Buying mineral rights in Louisiana The 14 matching properties for sale in Louisiana have an average listing price of $253,348 and price per acre of $6,428. For more nearby real estate, explore land for sale in Louisiana.
The Office of Conservation rules are contained in Title 43 of the Louisiana Administrative Code. The Division of Administration, Office of the State Register, is the official authority responsible for Executive Orders issued by the Governor, the Louisiana Administrative Code, and the monthly Louisiana Register.
