West Virginia Gas Storage Agreement and Lease (Surface and Underground) is a legally binding contract that governs the utilization and leasing of surfaces and underground spaces in West Virginia for gas storage purposes. This agreement is essential for individuals or entities engaged in gas storage operations, including gas utilities, exploration companies, extraction businesses, and storage facility operators. Keywords: West Virginia gas storage agreement, gas storage lease, surface lease, underground lease, gas storage operations, gas utilities, exploration companies, extraction businesses, storage facility operators. Types of West Virginia Gas Storage Agreement and Lease (Surface and Underground): 1. Surface Lease Agreement: This type of agreement specifically focuses on leasing the surface land for gas storage infrastructure development, such as constructing storage facilities, pipelines, compressor stations, or any above-ground storage equipment. It outlines the terms and conditions related to access, land use, operational limitations, environmental concerns, compensation, and liability. 2. Underground Lease Agreement: This type of agreement primarily deals with leasing the underground spaces, such as depleted oil or gas reservoirs, aquifers, salt caverns, or other suitable geological formations for gas storage purposes. It encompasses various aspects, including access rights, subsurface operations, storage capacity, withdrawal rates, maintenance responsibilities, environmental considerations, compensation, insurance, and liability. 3. Combined Surface and Underground Lease Agreement: This comprehensive agreement encompasses both surface and underground facilities for gas storage operations. It covers all aspects related to surface land usage and underground storage facilities leasing, including their interconnections, rights of entry, storage capacity, operational guidelines, environmental regulations, compensation, and liability. 4. Short-Term Storage Agreement: This type of agreement is designed for temporary or seasonal gas storage needs. It allows for a limited duration lease, typically ranging from a few weeks to a few months, enabling gas operators to store excess gas during periods of lower demand and withdraw it when demand increases. It encompasses provisions related to storage period, storage capacity, withdrawal rates, compensation, and operational guidelines. 5. Long-Term Storage Agreement: This agreement is suitable for gas operators requiring long-term storage solutions, typically spanning years. It provides extended lease periods, ensuring consistent access to storage facilities for an extended duration. It covers aspects such as storage capacity, operational constraints, withdrawal rates, compensation, maintenance, environmental compliance, insurance requirements, and liability. Irrespective of the specific type of West Virginia Gas Storage Agreement and Lease (Surface and Underground), it is crucial for all parties involved to seek legal advice and ensure compliance with applicable federal, state, and local laws, along with relevant regulations related to gas storage and environmental protection.
West Virginia Gas Storage Agreement and Lease (Surface and Underground)
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A West Virginia month-to-month rental agreement is a short-term lease that ends when written notice is provided by either the landlord or tenant. The minimum required notice period is thirty (30) days. If not notice is made the lease will continue for an indefinite period.
It is most commonly held in inventory underground under pressure in three types of facilities. These underground facilities are depleted reservoirs in oil and/or natural gas fields, aquifers, and salt cavern formations.
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.
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.
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.
Mineral Assessed Value is 60% of the appraised value of the property. WV appraisal values for minerals are based on the start date of drilling and production income.