Search results
Results from the WOW.Com Content Network
When mineral rights have been severed from the surface rights (or property rights), it is referred to as a "split estate." In a split estate, the owner of the mineral rights has the right to develop those minerals, regardless of who owns the surface rights. This is because in United States law, mineral rights trump surface rights. [5]
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%.
The Oklahoma Energy Resources Board (abbreviated OERB) is an agency of the state of Oklahoma.Funded voluntarily by Oklahoma's oil and natural gas producers and royalty owners, the OERB conducts environmental restoration of orphaned and abandoned well sites, encourages the wise and efficient use of energy, and promotes energy education.
The petroleum fiscal regime of a country is a set of laws, regulations and agreements which governs the economical benefits derived from petroleum exploration and production. The regime regulates transactions between the political entity and the legal entities involved. [ 1 ]
A royalty payment is a payment made by one party to another that owns a particular asset, for the right to ongoing use of that asset. Royalties are typically agreed upon as a percentage of gross or net revenues derived from the use of an asset or a fixed price per unit sold of an item of such, but there are also other modes and metrics of compensation.
In the 49 United States practicing British common law (the 50th, Louisiana, derived its law from French and Napoleonic Code), a split estate is created when the original fee simple owner sells or otherwise loses ownership of the subsurface, often called the mineral estate. Executor rights transfer in whole, unless otherwise reserved, and ...
Under the agreements, Oklahoma and tribal governments split the tax money collected from tobacco products sold on tribal lands. More: What to know about Oklahoma's newest tribal compact dispute
Sustaining Oklahoma's Energy Resources (SOER), formerly known as the Oklahoma Commission on Marginally Producing Oil and Gas Well, and formerly commonly known as the Oklahoma Marginal Wells Commission (MWC), is a committee under the authority of the Oklahoma Energy Resources Board . The committee is responsible for identifying and evaluating ...