This is a form of a Memorandum to give notice of the existence of an unrecorded Exploration Agreement between parties. The Agreement grants each Party a preferential right to purchase the other Party's interest in the lands and leases comprising the Prospect on the occurrence of certain events.
North Dakota Memorandum of Exploration Agreement and Notice of Preferential Purchase Right
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Multi-State
Control #:
US-OG-649
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Word;
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How to fill out Memorandum Of Exploration Agreement And Notice Of Preferential Purchase Right?
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FAQ
Minerals include gold, silver, coal, oil, and gas. If you want to transfer the rights to these minerals to another party, you can do so in a variety of ways: by deed, will, or lease. Before you transfer mineral rights, you should confirm that you own the rights that you seek to transfer.
Mineral interests last indefinitely as long as they are not abandoned. Minerals are considered abandoned when they have not been used or claimed for twenty or more years. Minerals are ?used? when some type of activity such as production, leasing, or conveying occurs under North Dakota law.
A mineral rights owner does not necessarily have to own the land property itself but must have a legal agreement with the property owner. In North Dakota, mineral rights can be transferred in three ways: deed, probate or court action.
The mineral rights value in North Dakota is typically be between a few hundred per acre and a couple thousands per acre for non-producing/non-leased mineral rights. A lot will depend on which county you are in. If you have mineral rights in McKenzie County North Dakota you are going to see more demand than other areas.
To determine mineral rights on a parcel of land, you need to go to the County Recorder's Office in the county of that parcel and request any recorded deed documents for the parcel.
How do I transfer mineral rights in North Dakota? To convey or transfer ownership of mineral rights to a new owner, the current owner of the rights has to engage a title insurance company or an attorney at a district court to perform a search of the property title.
