North Dakota Mineral Deed with Grantor Reserving Nonparticipating Royalty Interest
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How to fill out Mineral Deed With Grantor Reserving Nonparticipating Royalty Interest?
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FAQ
First International Bank & Trust's MineralTracker recently produced and presented a 40-page summary to the North Dakota Land Board estimating the total value of North Dakota-owned oil and gas mineral rights at $2.8 billion, an 18% increase from prior year.
A mineral rights owner does not necessarily have to own the land property itself but must have a legal agreement with the property owner. In North Dakota, mineral rights can be transferred in three ways: deed, probate or court action.
A mineral interest is simply a real property interest obtained from the severance or exploitation of minerals ? say natural gas ? from the surface. On the other hand, a royalty interest is the property interest that grants an owner a portion of the production revenue generated.
Statement of Claim: The owner of the surface estate in the land in or under which the mineral interest is located on the date of abandonment may record a statement of succession in interest indicating that the owner has succeeded to ownership of the minerals under this chapter.
Unlike mineral owners, non-participating royalties do not have executive rights in lease negotiations, leasing incentives, or rental payments. They just receive the actual production proceeds.
Mineral interests last indefinitely as long as they are not abandoned. Minerals are considered abandoned when they have not been used or claimed for twenty or more years. Minerals are ?used? when some type of activity such as production, leasing, or conveying occurs under North Dakota law.
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).
You will need to contact the county recorder office for the county in which the lands reside. You may also need to file with them a statement of claim form. (Please be advised that this statement of claim form is available as a convenience.
