Pennsylvania Notice of Claim of Mineral Interest for Dormant Mineral Interest

State:
Multi-State
Control #:
US-OG-108
Format:
Word; 
Rich Text
Instant download

Description

The information provided with the form identifies states that are known to have enacted dormant interest statutes. The form provided is a general form, which may not meet the statutory requirements of all states listed. This form may be supplemented or amended to meet a state's specific statutory requirements, if possible, to assert a claim of ownership to avoid the loss of an interest.
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FAQ

On July 11, 2006, the Pennsylvania General Assembly enacted the Dormant Oil and Gas Act. The purpose of the Act is to permit the development of underground oil and gas reserves when all owners of oil or gas interests cannot be located or identified.

Yes, mineral rights can expire. There's no one answer to when they'll expire or how long they last. All agreements have different term lengths.

Yes, mineral rights (oil and gas) do expire in Pennsylvania. However, these rights are not returned to the surface owner as the mineral rights owner still have some claim over the minerals.

You may get anywhere from $250/acre to $2,500+/acre just depending on your specific location. With the oil and gas market still trying to find the real price of oil, there are still a lot of buyers in the market interested in picking up mineral rights.

72 P.S. § 7303(a)(3). If a mineral rights estate owner sells the mineral rights, the consideration less the owner's basis in the mineral rights and other costs associated with the sale is taxable. The gain is reported on Schedule D of the PA-40.

Pennsylvania allows property owners to separate the surface rights and the subsurface rights, which are oil, gas or mineral rights. When nothing is done, the property owner owns everything, surface and subsurface rights. The property owner may choose to sell or lease these subsurface rights.

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Pennsylvania Notice of Claim of Mineral Interest for Dormant Mineral Interest