This form is when the Lessor ratifies the Lease and grants, leases, and lets all of Lessor's undivided mineral interest in the Lands to Lessee on the same terms and conditions as provided for in the Lease, and adopts and confirms the Lease as if Lessor was an original party to and named as a Lessor in the Lease.
Ohio Ratification of Oil, Gas, and Mineral Lease by Mineral Owner
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Multi-State
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US-OG-382
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How to fill out Ratification Of Oil, Gas, And Mineral Lease By Mineral Owner?
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FAQ
One quick and dirty approach is the ?rule of thumb.? Those following the rule of thumb say that mineral rights are worth a multiple of three to five times the yearly income produced. For example, a mineral right that produces $1,000 a year in royalties would be worth between $3,000 and $5,000 under the rule of thumb.
You may have title to mineral rights on a property you own, or they may have been sold or leased by a prior owner, in which case they may not be yours to sell. Real estate law firms can research your chain of title to determine if the mineral rights transferred from owner to owner.
What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.
To find out who own mineral rights in Ohio: Determine the property owner's name and address of the property. You can visit the right county auditor's office online or in-person with the above information to verify the ownership of the property before you begin your research at the county's recorder office.
To ?ratify? a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.
You could expect anywhere from $750/acre to $3,000+/acre depending on your location in the county. If you are currently leased, that will also play a role in how much your mineral rights are worth. As a general rule of thumb, you can expect around 2x to 3x the lease bonus amount.
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
