This form is an agreement that is used by the Parties that are the owners of working, royalty, or other oil and gas interests in the unit area subject to this Agreement. It is pursuant to the Mineral Leasing Act of February 25, 1920, as amended, 30 U.S.C. Sec. 181 et seq., authorizes Federal lessees and their representatives to unite with each other, or jointly or separately with others, in collectively adopting and operating under a unit plan of development or operations of all or any part of any oil and gas pool, field, or like area, for the purpose of more properly conserving the natural resources whenever determined and certified by the Secretary of the Interior to be necessary or advisable in the public interest.
Louisiana Exploratory Unit Agreement
State:
Multi-State
Control #:
US-OG-737
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Exploratory Unit Agreement?
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FAQ
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.
Mineral rights can expire if the owner does not renew them or if they go unclaimed for a certain period of time. Mineral rights can also be sold, fractionalized, or transferred through gifting or inheritance.
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.
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.
Also known as a mineral estate, mineral rights are just what their name implies: The right of the owner to utilize minerals found below the surface of property. Besides minerals, these rights can apply to oil and gas. Interestingly, mineral rights can be separate from actual land ownership.
How to claim mineral rights in Louisiana? To claim mineral rights in Louisiana, the party seeking the oil or gas needs to conduct title research to confirm and determine that the state or state agency does own the land and rights of a property.
How long can you keep mineral rights in Louisiana? The lessee of mineral rights can only keep those rights for 10 years before they revert to the owner. This is ing to the law in Louisiana.