A New Mexico Stipulation of Ownership of Mineral Interest is a legal document that establishes the rights and ownership of mineral interests in specific lands within the state of New Mexico. This stipulation is crucial for ensuring clarity and transparency in mineral ownership, particularly when multiple parties are involved. Here, we will explore the different types of New Mexico Stipulations of Ownership of Mineral Interest based on different scenarios: 1. Individual Ownership: In cases where an individual owns the mineral rights to specific lands in New Mexico, a Stipulation of Ownership of Mineral Interest is executed to establish their exclusive ownership rights. This document legally confirms their ownership and specifies the details of the mineral interests they hold. 2. Joint Ownership: When multiple individuals or entities jointly own mineral interests in New Mexico lands, a Joint Stipulation of Ownership of Mineral Interest is drafted. This stipulation outlines the respective ownership percentages or proportions of each party involved, ensuring a clear understanding of their shared ownership rights. 3. Corporate Ownership: In instances where mineral interests in specific lands are owned by a corporation or other business entities, a Corporate Stipulation of Ownership of Mineral Interest is prepared. This document elucidates the ownership structure within the corporation, including shareholders, partners, or subsidiaries involved, and their respective holdings of mineral interests. 4. Lease Agreement Stipulation: Sometimes, a stipulation may be necessary for mineral interests that are subject to lease agreements. A Lease Agreement Stipulation of Ownership of Mineral Interest is formulated to outline the rights and responsibilities of both the lessee and lessor concerning the mineral interests. 5. Assignment Stipulation: In certain cases, the ownership of mineral interests may change hands through assignments. An Assignment Stipulation of Ownership of Mineral Interest is employed to document and validate the transfer of ownership from one party to another. This stipulation provides details of the assignor and assignee, along with the specific lands and mineral interests being transferred. It is important to note that each type of New Mexico Stipulation of Ownership of Mineral Interest ensures compliance with applicable state laws and regulations regarding mineral ownership. This legal framework guarantees that ownership interests are accurately defined, minimizing the potential for disputes or conflicting claims.
New Mexico Stipulation of Ownership of Mineral Interest of Mineral Ownership in Specific Lands
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The Mining Act Reclamation Program (MARP) was created under the New Mexico Mining Act of 1993 to regulate hard rock mining reclamation activities for all minerals except the exploration and extraction of potash, sand, gravel, caliche, borrow dirt, and quarry rock used as aggregate in construction; the exploration and ...
Working Interest: The operating interest under an oil and gas lease. The owner of the working interest has the exclusive right to exploit the minerals on the land. This is only the right to expend money, NOT the right to recoup revenues.
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.
The General Mining Law of 1872 (30 USC §§ 21-54, 611-615), as amended, is the principal law governing locatable minerals on federal lands. The General Mining Law gives US citizens the opportunity to explore for, discover and purchase certain valuable mineral deposits on federal lands open for mineral exploitation.
There are two types of rights given to landowners in the state; mineral and surface rights. These belong to a landowner who may own the rights to the land except if either has been severed and resources leased.
The purposes of the New Mexico Mining Act [69-36-1 to 69-36-20 NMSA 1978] include promoting responsible utilization and reclamation of lands affected by exploration, mining or the extraction of minerals that are vital to the welfare of New Mexico.
New Mexico currently mines a diverse set of natural resources, and is a leading state in the mining of several minerals, including potash, perlite, zeolite, copper, and molybdenum. New Mexico generates 1.7 percent of total US non-energy minerals production value (not including coal).
