South Dakota Ratification of Oil, Gas and Mineral Lease by Mineral Owner, Paid-Up Lease
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FAQ
A ratification of an existing Texas oil and gas lease usually executed by a non-participating royalty interest owner or a non-executive mineral interest owner. It can be used for transactions involving business entities or private individuals.
The Mineral Leasing Act "establishes qualifications for leases, sets out maximum limits on the number of acres of a particular mineral that can be held by a lessee, and prohibits alien ownership of leases except through stock ownership in a corporation." Conditions of a lease under the Mineral Leasing Act vary based on ...
What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.
: a deed by which a landowner authorizes exploration for and production of oil and gas on his land usually in consideration of a royalty.
To ?ratify? a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.
Oil, gas, and mineral lease (?OGML?) disputes arise between the mineral rights owner (?lessor?) and the companies that leased those rights (?lessee?). A typical OGML will be ?Paid-Up,? meaning an amount of money is paid when the OGML is executed; that money is the only guaranteed payment.
The BLM issues a competitive lease for a 10-year period. BLM State Offices conduct lease sales quarterly when parcels are eligible and available for lease. Each State Office publishes a Notice of Competitive Lease Sale (Sale Notice), which lists parcels to be offered at the auction, usually 45 days before the auction.
In addition to a signing bonus, most lease agreements require the lessee to pay the owner a share of the value of produced oil or gas. The customary royalty percentage is 12.5 percent or 1/8 of the value of the oil or gas at the wellhead.
