West Virginia Release of Farmout Agreement
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How to fill out Release Of Farmout Agreement?
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FAQ
The West Virginia Geological and Economic Survey provides an interactive map of over 144,000 oil and gas wells in West Virginia. Users can click on individual wells to access more information, including well logs, production history, important dates, and the availability of samples/cores.
In the State of WV, minerals are considered property and therefore fall under the Ad Valorem Property Tax.
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.
After confirming your legal ownership with an attorney at law, you need to draw up a deed of transfer form in your name and register it with the county records office as the mineral owner. The land transaction, leasing transaction, and royalty compliance go through the county office.
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.
When mineral rights are inherited, the value basis is not what the previous owner bought the land for- it is the value at the time of the inheritance. The value of the inherited mineral rights should be reassessed at the time of inheritance to reflect current market value.
Transfer by deed: You can sell your mineral rights to another person or company by deed. Transfer by will: You can specify who you want to inherit your mineral rights in your will. Transfer by lease: You can lease mineral rights to a third party through a lease agreement.
