This form is used by Claimant as notice of ownership and claim of title to additional interest of the mineral estate in lands, by having engaged in, conducted, and exercised the acts of ownership, which entitle Claimant to ownership of the additional mineral interest by limitations, under the laws of the state in which the Lands are located.
Louisiana Notice of Claimed Ownership of Mineral Interest, by Limitations
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Multi-State
Control #:
US-OG-362
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Word;
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How to fill out Notice Of Claimed Ownership Of Mineral Interest, By Limitations?
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FAQ
The ownership of rights to minerals, including oil and gas, contained in a tract of land. A mineral right is a real property interest and can be conveyed independently of the surface estate.
As a mineral rights value rule of thumb, the 3X cash flow method is often used. To calculate mineral rights value, multiply the 12-month trailing cash flow by 3. For a property with royalty rights, a 5X multiple provides a more accurate valuation (stout.com).
What Are Mineral Rights? Mineral rights are ownership rights that allow the owner the right to exploit minerals from underneath a property. The rights refer to solid and liquid minerals, such as gold and oil. Mineral rights can be separate from surface rights and are not always possessed by the property owner.
However, since mineral rights are a severed portion of the land rights themselves (they're separated from the land's "surface rights" and sold separately by deed, just like the land itself), they are usually considered real property.
By statute and case law, mineral properties are taxable as real property and are subject to the same laws and appraisal methodology as all real property in the state.
In Louisiana for example, if you sell land, you may retain ownership of the minerals beneath it for a period of 10 years and one day at which time you must transfer such mineral rights to the current owner of that tract of land, but only if that owner has retained the land for the same period of time.
Selling means that you can receive a large cash payment upfront, regardless of minerals found on your land. A company who leases your land may deplete the mineral supply substantially before returning the land back to you. Selling reduces overall risk of handling mineral rights.
Mineral rights are a form of real property, and they are governed by the same principles of marital property law as other real estate. If the mineral rights were owned before marriage, they are separate property.
