Oklahoma Deed (As to Specified Subsurface Depths) — Explained In the state of Oklahoma, a Deed (As to Specified Subsurface Depths), is a legal document used to transfer ownership of the subsurface rights of a property. This type of deed specifically defines and conveys ownership of the subsurface depths, often referred to as mineral rights, oil rights, or gas rights. Oklahoma, known for its extensive oil and gas reserves, has several types of deeds that pertain to subsurface depths. These can include: 1. Mineral Deed: A Mineral Deed is used to convey ownership of specific mineral rights and depths below the surface. It grants the recipient the exclusive right to extract and utilize any minerals found within the specified subsurface depths. 2. Oil and Gas Lease: An Oil and Gas Lease is a contractual agreement between the mineral rights' owner (lessor) and another party (lessee) who is granted the right to explore, extract, and produce oil and gas from a specific area and subsurface depths. This lease often includes specific provisions regarding royalty payments, drilling operations, and duration. 3. Royalty Deed: A Royalty Deed is a transfer of a specified percentage or fraction of mineral royalties to another party. While the ownership of the subsurface depths remains with the original owner, the recipient becomes entitled to a portion of the profits generated from extracting and selling the minerals. 4. Working Interest Deed: A Working Interest Deed grants the recipient the right to participate in the operations and costs associated with drilling, extracting, and producing minerals from a specific depth below the surface. In exchange, the recipient shares in the profits generated from these operations, as well as any costs and liabilities. It is important to note that each of these deeds must contain accurate and comprehensive language to define the subsurface depths being conveyed or retained. The description typically includes reference to a well-known survey system such as the Public Land Survey System (PASS), metes and bounds, or other legally recognized methods of land description. When dealing with subsurface depths in Oklahoma, it is advisable to consult with an experienced attorney or landsman familiar with the various types of deeds and their implications. They can provide guidance and ensure the legal transfer or retention of ownership rights is properly executed. In summary, an Oklahoma Deed (As to Specified Subsurface Depths) refers to a legal document used to transfer or retain ownership of mineral, oil, and gas rights within specific subsurface depths. The different types of deeds in Oklahoma include Mineral Deeds, Oil and Gas Leases, Royalty Deeds, and Working Interest Deeds. Seeking professional assistance is crucial to ensure these transactions are accurate, legally binding, and protect the interests of all parties involved.
Oklahoma Deed (As to Specified Subsurface Depths)
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If your well stops producing or the company decides to stop production on your land for any reason (market prices, oversupply, financial troubles, etc.), you will stop receiving royalties. Once the lease has expired on your mineral rights and you're no longer under contract, you will stop receiving royalties.
This general mineral deed gives the grantee the right to access, for the purpose of mining, drilling, exploring, operating and developing said lands for oil, gas, and other minerals, and storing handling, transporting and marketing of such. In this document the Grantor Warrants and will defend said Title to Grantee.
The royalty percentage is usually 12.5% to 15% but can change based on regional regulations or negotiations. Types of Leases: There are different types of oil and gas leases, and they affect royalty calculations differently.
The price of mineral rights per acre ranges from under $500 to over $5,000.
The statutory minimum is 1/8th or 12.5%, but it may be as high as 1/4th, or 25%. Since the 1990s, Oklahoma royalties have typically been at least 18.75 percent, but 20 to 25 percent is not unheard of for Oklahoma mineral owners.
Most states and many private landowners require companies to pay royalty rates higher than 12.5%, with some states charging 20% or more, ing to federal officials. The royalty rate for oil produced from federal reserves in deep waters in the Gulf of Mexico is 18.75%.
