This form creates an Area of Mutual Interest ( AMI ) comprising the Contract Area. During the term of this AMI, if any Party acquires all or any interest in any Oil and Gas Leases, any mineral interest, or any farmouts or other contracts which affect lands and minerals lying within the AMI, the Acquiring Party shall promptly advise each of the other Parties of the acquisition, at which time each Offeree shall have the right to acquire its proportionate interest in the Oil and Gas Interest.
West Virginia Area of Mutual Interest
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Multi-State
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US-OG-695
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In many families, there's debate over the owners of mineral rights or surface rights. You can use the local authority website to find the general information in the state and county records.
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.
Whether you have an offer on the table or not, you may have good reasons to sell your mineral rights: To pursue other opportunities. If you have a nonproducing property, you might have to wait years for anything to happen ? and nothing may ever happen, even after multiple leases.
6 Another situation, commonly known as the joint defense privilege to West Virginia attorneys and often affirmatively created by a ?joint defense agreement,? allows separate attorneys representing distinct clients with a common interest to communicate with one another without waving the attorney-client privilege.
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.
In many families, there's debate over the owners of mineral rights or surface rights. You can use the local authority website to find the general information in the state and county records.
The value of mineral rights per acre differs from state to state. Typically, the price ranges from $100 to $5,000 per acre in several states. In Texas, the average price per acre for non-producing mineral rights is usually between $0 and $250 per acre, as a general guideline.
Declaration of Consideration of Value (This is the monetary amount for which the property is sold. If the property is being transferred without monetary value, it must state in the declaration paragraph 'why' it is exempt from transfer tax.)