Louisiana Communitization Agreement

State:
Multi-State
Control #:
US-OG-736
Format:
Word; 
Rich Text
Instant download

Description

This form is pursuant to The Act of February 25, 1920, as amended and supplemented, authorizes communitization or drilling agreements communitizing or pooling all or a portion of a Federal oil and gas lease, with other lands, whether or not owned by the United States, when separate tracts under the Federal lease cannot be independently developed and operated in conformity with an established well-spacing program for the field or area.

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FAQ

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.

How to claim mineral rights in Louisiana? To claim mineral rights in Louisiana, the party seeking the oil or gas needs to conduct title research to confirm and determine that the state or state agency does own the land and rights of a property.

How long can you keep mineral rights in Louisiana? The lessee of mineral rights can only keep those rights for 10 years before they revert to the owner. This is ing to the law in Louisiana.

Transfer By Will It is also possible to transfer or pass down mineral rights by will. The right to minerals transfers at the time of death to the individuals named as beneficiaries. If no specific beneficiaries to the mineral rights are designated, ownership passes to the property and real estate heir.

§ 3217.11 What are communitization agreements? Under communitization agreements (also called drilling agreements), operators who cannot independently develop separate tracts due to well-spacing or well development programs may cooperatively develop such tracts.

Also known as a mineral estate, mineral rights are just what their name implies: The right of the owner to utilize minerals found below the surface of property. Besides minerals, these rights can apply to oil and gas. Interestingly, mineral rights can be separate from actual land ownership.

Whether you have an offer on the table or not, you may have good reasons to sell your mineral rights: To pursue other opportunities. If you have a nonproducing property, you might have to wait years for anything to happen ? and nothing may ever happen, even after multiple leases.

Mineral rights can expire if the owner does not renew them or if they go unclaimed for a certain period of time. Mineral rights can also be sold, fractionalized, or transferred through gifting or inheritance.

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Louisiana Communitization Agreement