Oklahoma Release by Surface Owner for Settlement of Surface Damages Resulting from Drilling Operations
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How to fill out Release By Surface Owner For Settlement Of Surface Damages Resulting From Drilling Operations?
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FAQ
The value of mineral rights is based on what a buyer is willing to pay today for your property. Without any royalty income it comes down to what buyers think the future income might be.
If you collect royalty income of $100,000, you could pay $30,000+ in taxes and only keep $70,000 and it would takes years to collect. Your basis in mineral rights can affect how much tax you owe when selling mineral rights vs collecting royalties. If you inherited mineral rights, it nearly always makes sense to sell.
A surface-damage clause is a part of a lease agreement for oil and gas operations. It requires the person leasing the land to pay the owner for any damage caused to the surface of the land during the operations. This can include things like damage to the soil, plants, or buildings on the land.
The Oklahoma Surface Damage Act guides interactions and negotiations between land surface owners and the oil companies and others who have the mineral rights. In the state, and elsewhere throughout the U.S., the owners of land parcels do not always also have ownership of what may lay below the surface.
Surface damage means the removal of, mechanical disturbance to, or introduction of hazardous materials to, the ground surface, vegetation, or soils in a given location.
Effect of Property Taxes on Mineral Rights 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.
In Oklahoma, there are two major categories of land rights: surface rights and mineral rights. Surface rights are rights attached to the surface of the land. With surface rights, you have access to and the ability to build or otherwise use the surface of the land. Mineral rights are sub-surface rights.
On average, a single acre's mineral rights can range from as low as $200 to over $10,000+ on the high end. As you might expect, the prices will vary depending on the mineral in question, the number of wells currently drilled, the current production rate, the existence of pipeline infrastructure, and much more.
As a mineral rights value rule of thumb, the 3X cash flow method is often used. To calculate mineral rights value, multiply the 12-month trailing cash flow by 3. For a property with royalty rights, a 5X multiple provides a more accurate valuation (stout.com).
