South Carolina Amendment to Oil, Gas and Mineral Lease (to Provide for Gas Storage)
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FAQ
Subsurface rights are rights to the earth below the land, and any substances found beneath the land's surface.
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.
Royalty Payment Clauses A royalty is agreed upon as a percentage of the lease, minus what was reasonably used in the lessee's production costs. This is stipulated in a Royalty Clause. The royalty is paid by the lessee to the owner of the mineral rights, the lessor in the lease.
Subsurface means in a well, or below the surface of the ground. Seismic surveys are used to find subsurface rock structures that may contain hydrocarbons. Directional wells can be used to drill multiple wells from a common drilling pad or to reach a subsurface location beneath land where drilling cannot be done.
Historically, mineral owners (?lessors?) and landmen/oil companies (?lessees?) spend most of their time focusing and negotiating the bonus payment, primary term and royalty provisions of an oil and gas lease. These provisions are important, but they represent only a small number of the important elements of the lease.
An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.
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.
Yes, subsurface rights are considered real property. This includes the rights to any minerals, oil, gas, or other natural resources that may be located beneath the surface of the land. These rights can be bought, sold, leased, or inherited like any other real property.