Ohio Underground Storage Lease and Agreement (Surface and Minerals)
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FAQ
You may have title to mineral rights on a property you own, or they may have been sold or leased by a prior owner, in which case they may not be yours to sell. Real estate law firms can research your chain of title to determine if the mineral rights transferred from owner to owner.
The Ohio Dormant Mineral Act DMA specifies that if you own mineral rights over someone else's land, you have 20 years to perform your exploration and production of oil and gas and other mineral or the rights revert to the landowner ing to Ohio Supreme court.
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
You may have title to mineral rights on a property you own, or they may have been sold or leased by a prior owner, in which case they may not be yours to sell. Real estate law firms can research your chain of title to determine if the mineral rights transferred from owner to owner.
To find out who own mineral rights in Ohio: Determine the property owner's name and address of the property. You can visit the right county auditor's office online or in-person with the above information to verify the ownership of the property before you begin your research at the county's recorder office.
You could expect anywhere from $750/acre to $3,000+/acre depending on your location in the county. If you are currently leased, that will also play a role in how much your mineral rights are worth. As a general rule of thumb, you can expect around 2x to 3x the lease bonus amount.
I own the land; surely I own the mineral rights? Not necessarily, the person who owns the mineral rights can own and lease them separately from the landowner. It is also important to note that regardless of land ownership; gold, silver, and petroleum are owned by the Crown and coal by the Coal Authority.
