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West Virginia
Declaration That Oil and Gas Lease Was Acquired by Agent For...

West Virginia Declaration That Oil and Gas Lease Was Acquired by Agent For Principal

Category:

Oil Gas and Minerals - Declarations

State:

Multi-State

Control #:

US-OG-313

Format:

Instant download

Description

This form is used when an Agent declares and acknowledges that the consideration for an Assignment should accrue to the benefit of Principal, and that Principal is the owner of the reserved interest in the Assignment. To give effect to declaration, Agent, as Assignor, grants, sells, and assigns to Principal, as Assignee, all of Agent's interest in the Lease and the interest reserved by Agent in the Assignment.

The West Virginia Declaration That Oil and Gas Lease Was Acquired by Agent For Principal is a legal document that affirms the acquisition of an oil and gas lease by an agent acting on behalf of a principal. This declaration serves as evidence and formal acknowledgment of the agent's authority to enter into such agreements. In West Virginia, there are two main types of declarations regarding the acquisition of an oil and gas lease by an agent for a principal: 1. Unconditional Declaration: This type of declaration states that the acquisition of the oil and gas lease by the agent was unconditional and without any reservations or contingencies. It confirms that the agent has complete authority to act on behalf of the principal and that the lease has been acquired in accordance with the principal's instructions. 2. Conditional Declaration: Unlike the unconditional declaration, a conditional declaration specifies certain conditions or limitations imposed on the agent's authority to acquire the oil and gas lease. These conditions may relate to specific terms, pricing, or other factors that need to be met before the acquisition is considered valid. The conditional declaration ensures that the agent's actions align with the principal's intentions and protects the principal's interests. Keywords: West Virginia, Declaration, Oil and Gas Lease, Acquired, Agent, Principal, Legal Document, Authority, Unconditional, Conditional. Please note that while this content provides a general overview of the topic, it is always advisable to seek legal advice from a qualified professional when dealing with specific legal matters.

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FAQ

What are some of the provisions that are normally found in an oil and gas lease? An oil and gas lease will normally contain the following types of provisions: a granting clause, description clause, term clause, royalty clause, pooling clause, surface-use clauses, and various miscellaneous clauses.

Mineral interests in WV are taxed the same as your home. You will pay 60% of the appraised value on the minerals at the levy rate for your county.

An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.

Mineral rights give ownership, for a specified time, of the underground minerals that do not include sand, limestone, gravel, or subsurface water. If the mineral rights to your property have been sold before you acquired the land, that means you own only the surface rights and cannot use the minerals.

How many royalties do you get from an oil well? The customary royalty percentage is 12.5 percent or 1/8 of the value of the oil or gas at the wellhead. Some states have laws that require the owner be paid a minimum royalty (often 12.5 percent).

Mineral rights include everything under the ground with some exceptions like groundwater, sand, and limestone in most cases. These minerals in West Virginia typically include coal, oil and natural gas. Precious metals mining in West Virginia is not prevalent.

Royalty is a portion of the proceeds from the sale of production which is paid monthly to the mineral rights owner. The royalty is usually described in the lease as a fraction such as 1/8th, or 1/6th.

More info

ADDRESS - Give the current mailing address for those receiving income from this property. Each form is designed using a MS Word "Fill in the Blank" format. This allows you to quickly make changes, additions and deletions to prepare your documents.OIL AND GAS PRODUCTION DAMAGE COMPENSATION. §22-7-1. Legislative findings and purpose. (a) The Legislature finds the following: (1) Exploration ... Declaration of oil and gas notice by owners and lessees of coal seams. §22-6-37. Rules, orders and permits remain in effect. §22-6-38. Application of ... 2) A "Special Warranty" means the Lessor is guaranteeing that it has not done anything to encumber the title since acquiring the property. A lease does not have ... by RC Pierce · 2004 · Cited by 3 — ing gas. These cases also show that in West Virginia, if an oil and gas lease is clear and unambiguous in its express provisions, the court will not interpret ... Before issuance of a lease for lands within an approved unit, the lease offeror shall file evidence with the proper BLM office of having joined in the unit ... Acreage: a general term most commonly used to describe and identify the Lands subject to an Oil and Gas Lease. Acreage is used as a measure of the amount of ... Sep 26, 2019 — I rcvd a Fed ex today from Antero Resources. It's a contract stating that I appear to own an interest in oil and gas lease in Tyler WV. The agent should study the taxpayer's lease acquisition files and well files to determine each reported property's status. In scanning the depletion ...