Do You Own Your Minerals?

http://permicoroyalties.com, mineral rights

The subject of who owns minerals is one that often causes confusion. For example, a person who finds minerals, oil, or gas on their property may wonder what they should do and if they own the minerals they found. mineral rights

Mineral ownership (also known as mineral rights) is simply the legal rights that a person (or an organization) has to mine, exploit, or produce any material that lays beneath the earth. These materials may be metal ores, coal, oil, gas, stone, gemstones, salt etc., but excludes water, sand and gravel.

When a person has mineral rights, they can sell, gift, lease, or bequeath the minerals to whosoever they want. This may then lead to a distinction between the owner of the surface rights and mineral rights. Surface rights are rights to the inorganic materials on the surface of the property (e.g. water, gravel, sand etc.). sell oil rights

In some countries, the owner of the land where the minerals are owns the minerals rights. A good example of such a country is the US. The owner of the land therefore has the right to do whatever they want about the minerals that lie beneath their land. In some other countries, however, whatever minerals lie beneath the surface automatically belong to the government.

If an oil and gas company makes an approach to an individual who has mineral rights for the oil and/or gas on their property, an agreement between both parties will depend on the following elements of mineral rights;

•the rights about how much of the surface they can use in order to access the minerals that lie beneath the surface

•the rights on whether they can convey rights (or make new rights)

•the rights or entitlements to extra royalties or bonus considerations

•the rights to receive payments for delayed production or commencement of drilling. sell gas rights

•the rights to financial compensation (royalties)

When concerned about ownership of mineral rights, it is recommended that the property owner contact a lawyer that specializes in mineral law to help determine (through legal investigations and inquiries) who actually owns the mineral under the land.