North Dakota Underground Storage Lease and Agreement (Surface and Minerals) is a legal contract typically used in the state of North Dakota for the purpose of leasing and regulating the use of underground storage space for minerals and other substances. This agreement outlines the terms and conditions agreed upon by the lessor (the owner of the land) and the lessee (the party seeking to lease the underground storage space). Keywords: North Dakota, Underground Storage Lease, Agreement, Surface, Minerals There are various types of North Dakota Underground Storage Lease and Agreement (Surface and Minerals) which include: 1. Oil and Gas Storage Lease and Agreement: This type of agreement specifically pertains to the storage of oil and gas reserves underground. It outlines the rights, obligations, and responsibilities of both the lessor and lessee regarding the extraction, transportation, and storage of oil and gas within the leased underground storage space. 2. Natural Gas Storage Lease and Agreement: This particular lease and agreement focus on the storage of natural gas reserves underground. It covers aspects such as the limitations on withdrawal and injections, the payment of royalties or rent, and the obligations of the parties involved in maintaining the integrity and safety of the storage facility. 3. Mineral Storage Lease and Agreement: This agreement applies to the storage of various minerals underground, including but not limited to coal, limestone, salt, and precious metals. It establishes the operating procedures, rights, and obligations of the lessor and lessee regarding the storage, extraction, and potential sale or use of the stored minerals. 4. Carbon Capture and Storage (CCS) Lease and Agreement: In response to climate change concerns, some agreements specifically address the underground storage of carbon dioxide (CO2) emissions. These agreements typically entail the capture, transportation, and secure storage of CO2 emissions from industrial or power plants, aiming to reduce greenhouse gas emissions and mitigate climate change impacts. Regardless of the specific type, a North Dakota Underground Storage Lease and Agreement (Surface and Minerals) generally covers key provisions such as the duration of the lease, rental or royalty payments, access rights, environmental considerations, liability, dispute resolution, and termination conditions. It is important to note that the terms, conditions, and requirements of each type of agreement may vary depending on the nature of the minerals or substances involved, relevant regulations and laws, and the negotiation between the parties. Consulting with legal professionals well-versed in North Dakota state laws is crucial to ensure a comprehensive and tailored Underground Storage Lease and Agreement.
North Dakota Underground Storage Lease and Agreement (Surface and Minerals)
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FAQ
Royalties on private lands are influenced by state rates. They generally range from 12?25 percent. Before negotiating royalty payments on private land, careful due diligence should be conducted to confirm ownership. Mineral ownership records are often outdated.
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.
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.
The mineral rights value in North Dakota is typically be between a few hundred per acre and a couple thousands per acre for non-producing/non-leased mineral rights. A lot will depend on which county you are in. If you have mineral rights in McKenzie County North Dakota you are going to see more demand than other areas.
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.
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).
The value of mineral rights per acre differs from state to state. Typically, the price ranges from $100 to $5,000 per acre in several states.
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.