Pennsylvania Surface Use Agreement (Oil and Gas Operations)
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How to fill out Surface Use Agreement (Oil And Gas Operations)?
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FAQ
The surface use agreement will specify what the oil and gas company or operator can do on the landowner's land in developing the oil and gas, where development can take place, and what compensation the landowner will receive.
Pennsylvania allows property owners to separate the surface rights and the subsurface rights, which are oil, gas or mineral rights. When nothing is done, the property owner owns everything, surface and subsurface rights. The property owner may choose to sell or lease these subsurface rights.
Mineral rights can be sold in any Pennsylvania county for anything from $500/acre to $5,000+/acre. Isn't that a pretty wide range? The reason for such a range is because the ranges depend on where you are located in Pennsylvania. The cost of your property is heavily influenced by where you are located.
Yes, it can be beneficial to sell your mineral rights for a fair price, even producing rights. First, sellers must be aware of the different stages of the production process. They must also know the value their minerals and royalties command in every development stage.
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.
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.
Concerning land ownership and property law, subsurface rights can allow a property owner to discover and utilize anything extracted from underneath a property without interference from a second party. Purchasing both rights for a property is possible.