Title: West Virginia Underground Storage Lease and Agreement (Surface and Minerals) Introduction: The West Virginia Underground Storage Lease and Agreement (Surface and Minerals) is a legally binding contract designed to govern the use and management of underground storage facilities within the state of West Virginia. This agreement enables individuals or entities to lease specific portions of underground space for storage purposes, including minerals and other relevant resources. The state of West Virginia recognizes the importance of efficient resource management and provides various types of underground storage lease agreements, each catering to specific needs and circumstances. Types of West Virginia Underground Storage Lease and Agreement (Surface and Minerals): 1. Mineral Storage Lease: The Mineral Storage Lease is a specific type of underground storage agreement that focuses primarily on the storage of minerals and mineral-based resources. This agreement grants the lessee the right to utilize underground spaces within West Virginia for the storage, exploration, extraction, and transport of minerals. It outlines the respective rights and obligations of both the lessor (landowner) and lessee (mineral rights' holder) regarding the management and access to the designated underground areas. 2. Gas Storage Lease: The Gas Storage Lease provides the lessee with the right to store natural gas or other gaseous substances within underground storage reservoirs or other authorized formations within West Virginia. This agreement governs the terms and conditions under which the gas storage operations may be conducted, ensuring safe and responsible management of underground gas resources while protecting the rights of all parties involved. 3. Oil Storage Lease: The Oil Storage Lease focuses on the underground storage of crude oil or petroleum-based products. This agreement outlines the responsibilities, limitations, and rights of the lessor and lessee concerning the usage, storage capacity, and handling of oil in underground facilities. It establishes clear guidelines for the extraction, storage, and potential transportation of oil resources, promoting environmentally conscious practices in compliance with West Virginia regulations. 4. Salt Storage Lease: The Salt Storage Lease enables individuals or entities to lease underground storage space in pursuit of storing salt. This agreement allows lessees to store both mined or extracted salt and other various uses like the creation of salt caverns for storage purposes. The lease highlights provisions for the construction, maintenance, and operation of salt storage facilities to ensure the highest standards of safety and environmental considerations. Conclusion: The West Virginia Underground Storage Lease and Agreement (Surface and Minerals) encompasses various lease types, including mineral, gas, oil, and salt storage, depending on the specific resource being stored. These agreements provide a comprehensive legal framework for proper management, utilization, and secure storage of underground resources while safeguarding the rights of all parties involved. Properly executed lease agreements help maintain a balance between resource exploitation and environmental conservation, contributing to responsible and sustainable development in West Virginia.
West Virginia Underground Storage Lease and Agreement (Surface and Minerals)
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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.
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).
There are a few key differences between leasing your mineral rights and selling them to oil companies, which include: With leasing, if no minerals are found, you may not receive royalties. Selling means that you can receive a large cash payment upfront, regardless of minerals found on your land.
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.
After confirming your legal ownership with an attorney at law, you need to draw up a deed of transfer form in your name and register it with the county records office as the mineral owner. The land transaction, leasing transaction, and royalty compliance go through the county office.
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.
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. The value of these minerals in based on WV Code procedures and is the same for all counties in WV. Minerals are taxed at a minimum value until production begins.
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.