This form is used for the purposes of more effectively developing, producing, and operating the Unit Area in order to prevent surface and underground waste, and obtain the greatest ultimate recovery of production of oil and gas, promote conservation, and to afford each of the Parties the right to recover their fair and equitable share of the production to be obtained from the Unit Area, or to receive the attributable proceeds of such production.
Louisiana Gas Storage and Secondary Recovery Unit Agreement
Category:
State:
Multi-State
Control #:
US-OG-774
Format:
Word;
Rich Text
Instant download
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How to fill out Gas Storage And Secondary Recovery Unit Agreement?
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FAQ
Surface Rights in Louisiana Surface rights are those that cover the ability to oversee and control everything on the surface of the land ing to law. The holder is permitted by law to build, plant, and sell crops and timber on the land, even on a lease.
Surface rights are what you own on the surface of the property. These include the space, the buildings and the landscaping. Mineral rights, on the other hand, cover the specific resources beneath the surface.
However, it is possible to hire a professional body to look for records of the property in question. You can also check, for a small fee, the records of county properties to determine who owned the property or minerals or if there is a lease covering them.
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.
A property owner with mineral rights may explore, extract, and sell natural deposits found underneath the land surface. But surface rights only refer to exclusive rights to all physical property on the land.
Buying mineral rights in Louisiana The 14 matching properties for sale in Louisiana have an average listing price of $253,348 and price per acre of $6,428. For more nearby real estate, explore land for sale in Louisiana.
A mineral rights holder or subsurface rights holder may explore and exploit minerals such as natural gas, oil, and coal below the ground within the boundaries of their specific property. Commonly called mineral rights, these rights are real estate assets, which differ from the rights to the land surface of a property.
Mineral rights are automatically included as a part of the land in a property conveyance, unless and until the ownership gets separated at some point by an owner/seller. An owner can separate the mineral rights from land by: Conveying (selling or otherwise transferring) the land while retaining the mineral rights.