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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%.
They had retained communal mineral rights during the allotment process, and many Osage became wealthy through returns from leasing fees generated by their Osage headrights. During the 1920s and what was known as the Reign of Terror, they suffered manipulation, fraud and numerous murders by outsiders eager to take over their wealth.
Thereafter, they and their legal heirs, whether Osage or not, had headrights to royalties in oil production, based on their allotments of lands. [18] The headrights could be inherited by legal heirs, including non-Osage. The tribe held the mineral rights communally and paid its members money from leases by a percentage related to their holdings.
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 ]
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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