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A surface use agreement (SUA) is a contract between a property owner and a mineral rights holder that dictates how the mineral rights are to be developed. [27] Meaning, when mineral rights are extracted by a company that does not own the property above where the minerals are located, the company has the legal right to extract those minerals ...
The first was a tax of 3% on leaseholds (such as mineral rights) and the second was a 5% tax on business activity. Kerr-McGee held substantial mineral rights on the Navajo Nation and filed a lawsuit in the federal district court seeking an injunction to prohibit the tribe from collecting the tax.
The original owner of an oil and gas lease will sometimes retain an overriding royalty as part of a farmout agreement. For any oil and gas property, the total working interests must add up to 100%. The sum of the net revenue interests, royalty interests, and overriding royalty interests, must also add up to 100%.
In production sharing agreements the country's government awards the execution of exploration and production activities to an oil company. The oil company bears the mineral and financial risk of the initiative and explores, develops and ultimately produces the field as required. When successful, the company is permitted to use the money from ...
The Oklahoma Legislature abolished the State Mining Board and replaced it with the Oklahoma Mining Commission in 1985. The Commission is a nine-member board that serves as the governing body of the Department and is responsible for approving the Department's budget, establishing policy and appointing the Director of the Department.
This list includes those recognised minerals beginning with the letter N.The International Mineralogical Association is the international group that recognises new minerals and new mineral names; however, minerals discovered before 1959 did not go through the official naming procedure, although some minerals published previously have been either confirmed or discredited since that date.
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The Mineral Leasing Act of 1920 30 U.S.C. § 181 et seq. is a United States federal law that authorizes and governs leasing of public lands for developing deposits of coal, petroleum, natural gas and other hydrocarbons, in addition to phosphates, sodium, sulfur, and potassium in the United States.
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