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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.
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 2007 draft of the 'IMA/CNMNC List of Mineral Names' was a courtesy of the Materials Data, Inc. (MDI), its 2009 review had important modifications. [8] [9] The RRUFF database was built with the help of the MDI's 2007 draft, the IMA Master List is an update of the MDI's 2009 review. [10] [11] [12] Some grandfathered minerals had their status ...
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.
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%.
Osage headrights are property rights, protected under federal law, that entitle their owner to receive a quarterly payment from the Osage Mineral Estate. They also entitle their Osage owners to vote for members of the Osage Mineral Council. [1] Historically, Osage headrights were linked to citizenship and voting in the Osage Nation. In 2006, a ...
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 Commissioners of the Land Office is an agency of the government of Oklahoma. The Land Office was created by the Oklahoma Constitution and is responsible for managing and controlling lands and funds granted to the state under the provisions of the Oklahoma Organic Act. These lands and fund are used to support common schools ...
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