This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
Louisiana Taking Or Marketing Royalty Oil and Gas in Kind
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US-OG-833
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FAQ
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.
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.
Transfers fall under Articles 11 and 22, Louisiana Mineral Code. To transfer such rights, the new owner has to acquire a copy of the deed for the site at a local courthouse in Louisiana in the same county as the property.
Effective January 1, 1975, the Louisiana Legislature enacted the Mineral Code as Title 31 of the Louisiana Revised Statutes. A. The Mineral Servitude. The mineral servitude is the vehicle by which the right to explore for and reduce minerals to possession is separated from the ownership of the surface of the land.
The landowner can enter into an agreement to lease the mineral servitude to a lessee who will then have free reign to extract whatever minerals they find. The main term of the lease is between 3 to 10 years and can never be more than 10 years long, as that's when the mineral servitude will revert to the owner.
Unlike other states, Louisiana mineral rights revert back to the original owner after 10 years from the date of sale or from the date of last production. Special care must be taken when dealing with Louisiana Mineral Rights in Louisiana because of Louisiana's Napoleonic law system.
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.
Louisiana Mineral Rights are somewhat unique. Unlike other states, Louisiana mineral rights revert back to the original owner after 10 years from the date of sale or from the date of last production.