Oklahoma Salt Water Disposal Well and Right of Way Agreement (Grantee to use Existing Well Bore on the Land)
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FAQ
Statutory ?Pugh? Clause: The Commission has no jurisdiction to release any portion of your lease. [* Named after a Louisiana lawyer, Lawrence G. Pugh, who drafted an oil and gas lease clause calculated to prevent the holding of non-pooled acreage.]
What is the Pugh Clause and what does it accomplish? In general terms, the Pugh Clause provides that production from a unitized or pooled area located on or including a portion of the leased lands will not be sufficient to extend the primary term for the entire leasehold.
Whether mineral rights transfer with the property depends on the estate type. If it's a severed estate, surface rights and mineral rights are separate and do not transfer together. However, if it's a unified estate, the land and the mineral rights can be conveyed with the property. How To Understand Your Mineral Rights | Rocket Mortgage rocketmortgage.com ? learn ? mineral-rights rocketmortgage.com ? learn ? mineral-rights
The point of a retained-acreage provision is to be able to seek a new opportunity to lease unworked land to a different lessee, one who might do something productive with it. A Pugh clause is a negotiated provision in favor of the lessor. Pugh clauses modify pooling/unitization rights.
A Pugh Clause terminates the lease as to the portions of the land that are not included in a unit if the lessee does not conduct independent operations. Therefore, the Pugh Clause requires the lessee to develop areas of the lease that are not included in a unit. Scrutinizing the Scope of Oklahoma's Statutory Pugh Clause [Stephens ... washburnlaw.edu ? thompson-pughclause washburnlaw.edu ? thompson-pughclause
One quick and dirty approach is the ?rule of thumb.? Those following the rule of thumb say that mineral rights are worth a multiple of three to five times the yearly income produced. For example, a mineral right that produces $1,000 a year in royalties would be worth between $3,000 and $5,000 under the rule of thumb. What are my mineral rights worth? - Law Offices of Mark Robinette robinettefirm.com ? what-are-my-mineral-rights-... robinettefirm.com ? what-are-my-mineral-rights-...
An attorney can create a deed or assignment that conveys the mineral rights to the new owners. The original deed will need to be recorded in the county where the minerals are located. If there are producing wells on the property, each operator will need to be notified of the change in ownership. Transferring the Ownership of Mineral Rights - A Quick Guide bluemesaminerals.com ? transfer-mineral-rights-o... bluemesaminerals.com ? transfer-mineral-rights-o...
Without any royalty income it comes down to what buyers think the future income might be. For non-producing properties, the Mineral Rights Value in Oklahoma could be anywhere from a few hundred dollars per acre to $5,000+/acre. It really depends on which county your property is located in.