Cuyahoga Ohio Ratification of Oil, Gas, and Mineral Lease by Nonparticipating Royalty Owner to Allow For Pooling

Name: Cuyahoga Ohio Ratification of Oil, Gas, and Mineral Lease by Nonparticipating Royalty Owner to Allow For Pooling
Brand: US Legal Forms
Rating: 4.74 (371 reviews)

Category:

Oil Gas and Minerals - Ratification

State:

Multi-State

County:

Cuyahoga

Control #:

US-OG-383

Format:

Instant download

Description

This form is used when the non-participating royalty owner adopts, ratifies, and confirms the Lease and all of its terms, and agrees Owner's Interest is subject to all of the terms of the Lease.

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FAQ

In terms of the oil and gas industry, ratification of a lease is the term for requesting acceptance of an existing lease agreement, with or without changes, from landowners who have purchased parcels to which the original leaseholder gave permission to drill and produce. Leases can last for decades.

The federal government charges oil and gas companies a royalty on hydrocarbon resources extracted from public lands. The standard Federal royalty payment was 12.5%, or a 1/8th royalty.

1. n. Oil and Gas Business Ownership in a share of production, paid to an owner who does not share in the right to explore or develop a lease, or receive bonus or rental payments. It is free of the cost of production, and is deducted from the royalty interest.

Generally, a pooling clause will allow the leased premises to be combined with other lands to form a drilling unit, wherein proceeds from production anywhere on the drilling unit are allocated according to the percentage of the acreage of each tract divided by the total acreage of the drilling unit.

Most states and many private landowners require companies to pay royalty rates higher than 12.5%, with some states charging 20% or more, according to federal officials. The royalty rate for oil produced from federal reserves in deep waters in the Gulf of Mexico is 18.75%.

It also records a "Declaration of Pooling" or similarly named document in the land records office at the local Courthouse. The declaration shows the boundaries of the pooling unit and identifies all the landowners and amount of property each landowner actually has in the unit.

A pooling clause expands the granting clause by giving a lessee the authority to determine whether to pool. This authority, however, is not unfettered. Many disputes have arisen through the years as to whether a lessee has properly exercised his discretion and authority under a pooling clause.

The royalty. It is typically expressed as a fraction or a percentage. For many years, almost all oil and gas leases reserved a 1/8th royalty. Today, the royalty fraction is negotiable, and is usually between 1/8th and 1/4th.

Most landowners choose to receive the royalty in cash at the posted price of the oil. A Lessor deciding to receive the oil as the royalty payment can market the oil royalty back to the Lessee for marketing and receive cash through that arrangement.

The annual rentals required under all oil and gas leases issued since December 22, 1987 is $1.50 per acre (or partial acre) for the first five lease years and $2.00 per acre (or partial acre) thereafter.

Cuyahoga Ohio Ratification of Oil, Gas, and Mineral Lease by Nonparticipating Royalty Owner to Allow For Pooling

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What is the purpose of a ratification of oil and gas lease?

What is the average royalty paid for gas?

What is a nonparticipating royalty?

What is a pooling clause?

What percentage are oil royalties?

What is a declaration of pooling?

What does a good faith pooling clause allow a lessee?

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What is a minimum royalty payment in oil and gas?

Interesting Questions

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Why would a nonparticipating royalty owner need to ratify the oil, gas, and mineral lease?

What is pooling in the context of oil, gas, and mineral leases?

Who can initiate the process of Cuyahoga Ratification of Oil, Gas, and Mineral Lease by Nonparticipating Royalty Owner?

Do nonparticipating royalty owners receive any benefits from ratifying the lease?

Can a nonparticipating royalty owner refuse to ratify the lease?

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