West Virginia Ratification of Oil, Gas and Mineral Lease by Mineral Owner, Paid-Up Lease
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FAQ
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.
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.
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.
For a mineral rights sale, the capital gain would be determined based on the proceeds from the sale minus the basis assigned to the mineral rights when you purchased the land or inherited the minerals. If the value was ?0?, then the entire sales proceeds would be taxed as capital gains income.
Are Mineral Rights and Royalties Taxable? Any income you earn from the sale or lease of your land's mineral rights is taxable. Income, severance and ad valorem taxes are some of the taxes you might need to pay. Each type comes from a different entity.
In many families, there's debate over the owners of mineral rights or surface rights. You can use the local authority website to find the general information in the state and county records.
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.
Cons of Selling Your Mineral Rights Loss of Potential Future Income: When you sell your mineral rights, you also give up any potential future income from those rights. This can be a significant loss if the mineral rights end up producing more than expected or if there are new discoveries in the future.
