North Dakota Nonexclusive Salt Water Disposal Lease Between Surface Owner and Operator
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How to fill out Nonexclusive Salt Water Disposal Lease Between Surface Owner And Operator?
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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.
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.
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.
How to search for mineral rights records in North Dakota? Visit the County Recorder's Office in the county where the land is and ask for the recorded deed document of the land to know about the mineral ownership. You will get accurate knowledge of the number of times mineral/surface rights have been severed from a lot.
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.