This is an agreement where the Owner represents and warrants present ownership of an undivided possessory mineral interest in and to the described lands. Owner grants to Operator the right, for a term, to conduct any and all operations undertaken in connection with the exploration for oil, gas and/or other minerals on, across, and/or through the described Lands.
Tennessee Permit Agreement for Minerals
Category:
State:
Multi-State
Control #:
US-OG-685
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Permit Agreement For Minerals?
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FAQ
Mineral rights and air rights may be owned by someone other than the owner of the surface. It is common, for example, for a surface owner to sell to a third party the rights to any oil, gas, coal, and other minerals that may be located be- low the surface.
Mineral rights are also referred to as subsurface rights; that is, the rights to the natural resources lying below the earth's surface. Any transfer of land may be accomplished with or without the transfer of the subsurface rights.
Receive Payment Royalties are a form of payment made to the owner of the mineral rights, in exchange for the right to extract and sell the resource. In the context of mineral rights, royalties are typically a percentage of the revenue generated from the sale of minerals extracted from the property.
(4) The gathering or collecting of small quantities of pebbles or small rocks by hand for personal use is permitted; however, the collection of such objects for the purpose of commercial sale or other commercial use is prohibited.
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.