Oklahoma Underground Storage Lease and Agreement (From Surface Owner with Mineral Interest)
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How to fill out Underground Storage Lease And Agreement (From Surface Owner With Mineral Interest)?
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FAQ
Mineral ownership constitutes the right to explore for and produce oil and gas. The mineral owner has the right to: Enter onto the property to explore for oil & gas. Authorize another entity to enter the property and explore production opportunities by granting an oil & gas lease.
An attorney can create a deed or assignment that conveys the mineral rights to the new owners. The original deed will need to be recorded in the county where the minerals are located. If there are producing wells on the property, each operator will need to be notified of the change in ownership.
Mineral rights are ownership rights that allow the owner the right to exploit minerals from underneath a property. The rights refer to solid and liquid minerals, such as gold and oil. Mineral rights can be separate from surface rights and are not always possessed by the property owner.
The price of mineral rights per acre ranges from under $500 to over $5,000.
The only way to determine mineral rights ownership in Oklahoma is to do a title search at the courthouse where the property is located. To do this, you must review all deeds and other legal conveyances pertaining to the subject tract back to 1907. Mineral ownership information is not available online from any website.
Oklahoma has no inheritance tax. Capital gains tax must be paid on any sale of mineral rights and income generated from royalty streams. However, if the mineral rights have not been severed from the property, the county may not charge taxes beyond property taxes.
Determining Mineral Ownership: The Corporation Commission does not determine the ownership of minerals. This should be a matter of record in the courthouse of the county where the land is located. Tax Commission records may also help. You may need an attorney to research this for you.
The ownership of rights to minerals, including oil and gas, contained in a tract of land. A mineral right is a real property interest and can be conveyed independently of the surface estate.
