Pennsylvania Ratification of Oil, Gas and Mineral Lease by Mineral Owner, Paid-Up Lease
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FAQ
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.
On July 11, 2006, the Pennsylvania General Assembly enacted the Dormant Oil and Gas Act. The purpose of the Act is to permit the development of underground oil and gas reserves when all owners of oil or gas interests cannot be located or identified.
What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.
To ?ratify? a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.
72 P.S. § 7303(a)(3). If a mineral rights estate owner sells the mineral rights, the consideration less the owner's basis in the mineral rights and other costs associated with the sale is taxable. The gain is reported on Schedule D of the PA-40.
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.
Oil, gas, and mineral lease (?OGML?) disputes arise between the mineral rights owner (?lessor?) and the companies that leased those rights (?lessee?). A typical OGML will be ?Paid-Up,? meaning an amount of money is paid when the OGML is executed; that money is the only guaranteed payment.
In the United States, mineral rights can be sold or conveyed separately from property rights. As a result, owning a piece of land does not necessarily mean you also own the rights to the minerals beneath it. If you didn't know this, you're not alone. Many property owners do not understand mineral rights.
