Oakland Michigan Ratification of Oil, Gas and Mineral Lease by Mineral Owner, Paid-Up Lease
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FAQ
It is based on a percentage of the gross production from the property and is free and clear of all costs, except for taxes. Traditionally, royalty can be 1/8 of production or 12.8 percent of production; however, it can be any fraction of production, depending on the royalty clause in a lease.
An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.
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.
Again, negotiating oil leases takes time. Don't Respond That You're Not Interested.Don't Rush to Hire a Lawyer.Don't Start Spending Money You Don't Yet Have.Don't Warrant the Mineral Title.Don't Lease Multiple Non-contiguous Tracts on One Lease Form.Don't Spout Off during Negotiating.
The primary term of a federal oil and gas lease is 10 years. The term is extended as long as the lease has at least one well capable of production. Leases do not authorize ground disturbance.
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.
Under Texas law, there is a rule of non-apportionment. It sets out that when the property is subdivided after the lease is already in place on the tract, the royalties are not apportioned but given to the royalty interest owner on whose property the well physically sits. Delay rentals however are apportioned.
To ratify a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.
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%.
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.
