This form is used when the Lessor desires to sell, subdivide, or partition all or a part of the lands covered by the Lease (the Lands ), and has requested a partial waiver of surface use of certain portions of the Lands subject to the Lease, and a waiver is agreeable to Lessee. This Agreement relates solely to the surface use and does not in any other way affect or diminish the Lessee's rights, interests and estate under the Lease.
West Virginia Agreement Waiving Surface Use by Oil and Gas Lessee
State:
Multi-State
Control #:
US-OG-655
Format:
Word;
Rich Text
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How to fill out Agreement Waiving Surface Use By Oil And Gas Lessee?
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FAQ
A surface use agreement, which is also sometimes referred to as a land use agreement, is an agreement between the landowner and an oil and gas company or an operator for the use of the landowner's land in the development of the oil and gas.
Royalty owners have the right to receive royalty payments for the oil and gas produced from the lands under which they own royalty. However, they do not have the right to lease and receive bonus and rental payments from the lease. Both mineral and royalties, however, are considered real property for tax purposes.
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 mineral royalties are treated as ordinary income and are taxed at your marginal (highest) tax rate. The income is in addition to your hard earned pay checks, so prepare to pay a larger percentage than you pay out of your monthly salary.
Class III: All real and personal property situated outside a municipality that is not taxed in Class I or Class II.
In the State of WV, minerals are considered property and therefore fall under the Ad Valorem Property Tax.
The royalty percentage is usually 12.5% to 15% but can change based on regional regulations or negotiations. Types of Leases: There are different types of oil and gas leases, and they affect royalty calculations differently.
By way of background, a ?free use? clause is a provision in an oil/gas lease which gives the lessee the right to use gas produced from the leasehold.
