Ohio Reservation of Production Payment
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How to fill out Reservation Of Production Payment?
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FAQ
To determine if you own the mineral rights on a parcel, you will first need to check the deed. The mineral rights may have been severed from the surface at some point in time. If your deed does not list this information, you will need to contact the County Clerk in the county where your minerals are located.
Owners of subsurface rights can receive royalty, lease, and shut-in payments. Commonly applied in the oil and gas industry, shut-in payments are royalties paid by the oil and gas company to the lessor to maintain a lease on currently unproductive mineral assets.
The Ohio Dormant Mineral Act DMA specifies that if you own mineral rights over someone else's land, you have 20 years to perform your exploration and production of oil and gas and other mineral or the rights revert to the landowner ing to Ohio Supreme court.
Similarly, the Ohio Supreme Court found that the Ohio Legislature enacted the Dormant Mineral Act to provide a method to terminate dormant mineral interests and reunify the abandoned mineral interest with the surface interests in order to promote the use of the minerals under the land.
If a seller does not have a refund policy posted, the consumer is entitled to a refund, if the consumer requests it. Ohio law does not prohibit restocking fees, or fees for returning an item to the shelves.
(2) If a vendor or seller denies a consumer's refund request, the consumer may file an application for refund with the tax commissioner pursuant to paragraph (A) (4) of this rule. That Requesting a refund directly from the commissioner is the consumer's sole remedy to claim refund of the tax.
The value of mineral rights per acre differs from state to state. Typically, the price ranges from $100 to $5,000 per acre in several states. In Texas, the average price per acre for non-producing mineral rights is usually between $0 and $250 per acre, as a general guideline.
If you have non-producing mineral rights and do not receive a royalty check, the value is difficult to determine. 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.
