The West Virginia Term Royalty Deed that Terminates Upon Expiration of Lease is a legal document that outlines the agreement between a landowner and an oil or gas company for the extraction of natural resources from the land. This type of deed is specific to West Virginia and is commonly used in the state's oil and gas industry. When signing a West Virginia Term Royalty Deed, the landowner grants the oil or gas company the right to access and extract resources from the land for a specified period of time. This period is typically defined by the length of the lease agreement. The deed also includes provisions for the payment of royalties, which are a percentage share of the profits obtained from the extracted resources. The distinguishing feature of this type of royalty deed is that it automatically terminates upon the expiration of the lease. This means that once the agreed-upon lease period ends, the landowner regains full control and ownership of the land and its resources. There are different types of West Virginia Term Royalty Deeds that may be used, depending on the specific terms and conditions agreed upon by the parties involved. Some common variations include: 1. Fixed-term Royalty Deed: This type of deed grants the oil or gas company the right to extract resources from the land for a predetermined period of time, typically ranging from one to five years. Once the lease expires, the deed is automatically terminated, and the landowner regains full control over the land. 2. Evergreen Royalty Deed: In an evergreen royalty deed, the lease agreement automatically renews at the end of each term unless either party provides notice of termination. This type of deed provides more flexibility for both the landowner and the oil or gas company, as they can revise and update the terms of the lease agreement periodically. 3. Perpetual Royalty Deed: A perpetual royalty deed grants the oil or gas company indefinite rights to extract resources from the land. Unlike fixed-term or evergreen deeds, this type of deed does not have a specific expiration date. However, it may include provisions for the termination of the agreement under certain circumstances, such as non-compliance with specified production levels or failure to pay royalties. In conclusion, the West Virginia Term Royalty Deed that Terminates Upon Expiration of Lease is a legal document specific to the state's oil and gas industry. It grants the oil or gas company the right to extract resources from the land for a specified period, with the deed automatically terminating upon the expiration of the lease. Different variations of this type of deed exist, including fixed-term, evergreen, and perpetual deeds.
West Virginia Term Royalty Deed that Terminates Upon Expiration of Lease
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FAQ
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
How many royalties do you get from an oil well? The customary royalty percentage is 12.5 percent or 1/8 of the value of the oil or gas at the wellhead. Some states have laws that require the owner be paid a minimum royalty (often 12.5 percent).
Mineral rights give ownership, for a specified time, of the underground minerals that do not include sand, limestone, gravel, or subsurface water. If the mineral rights to your property have been sold before you acquired the land, that means you own only the surface rights and cannot use the minerals.
Mineral interests in WV are taxed the same as your home. You will pay 60% of the appraised value on the minerals at the levy rate for your county.
Royalty is a portion of the proceeds from the sale of production which is paid monthly to the mineral rights owner. The royalty is usually described in the lease as a fraction such as 1/8th, or 1/6th.
Mineral rights include everything under the ground with some exceptions like groundwater, sand, and limestone in most cases. These minerals in West Virginia typically include coal, oil and natural gas. Precious metals mining in West Virginia is not prevalent.
