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Can I sell land and keep my mineral rights?

Mineral Rights to Land | Can I sell land and retain mineral rights?

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⚠️ IMPORTANT LEGAL DISCLAIMER:

The information provided on this page is for general informational purposes only and does not constitute legal, financial, or investment advice. Oil and gas laws, mineral rights regulations, and royalty structures vary significantly by state and jurisdiction. While we strive to provide accurate and up-to-date information, no guarantee is made to that effect, and laws may have changed since publication.

You should consult with a licensed attorney specializing in oil and gas law in your jurisdiction, a qualified financial advisor, or other appropriate professionals before making any decisions based on this material. Neither the author nor the publisher assumes any liability for actions taken in reliance upon the information contained herein.

So you’ve got to move, it’s a shame. No matter what lies next, it is almost always difficult. Difficult to let go of the land and home in which you have spent so much of your life in. What makes it even tougher, however, is if that land is also earning you a monthly income. That’s a situation where you, as a seller, want to retain mineral rights to land.

For some, leasing mineral rights is a highly profitable venture in which little effort is needed. If you own your land and have leased your mineral rights to an oil and gas company that is drilling and selling precious minerals, then you are earning oil and gas royalties. Surely, you’d like to keep those checks coming in the mail, right?

Retaining Mineral Rights in a Sale of Land

Well, the answer is yes. You can sell your land and keep your mineral rights. In order to do so, you must add an exception in the contract for the sale of your land. You will be entering into a split estate contact with the new party, who will now be the owner of the surface rights.

Benefits of Keeping Your Mineral Rights

Are you receiving royalties from your mineral rights? Then, retaining their ownership will keep your income stream steady. If your land has not yet been explored for oil, gas, or precious minerals, then your non-producing mineral rights still may be valuable. If a company were interested in drilling on your property, as the mineral rights owner, you would be in charge of the negotiation.

Downsides When Seller Wants to Retain Mineral Rights to Land

Unfortunately, everything isn’t always going to work out one hundred percent in your favor. If you are the seller who wants to retain mineral rights (especially if there is active drilling), the pool of interested people is going to shrink. Some potential buyers may not like the idea of only owning the surface rights. Especially while the mineral rights are under maintenance by someone else. This may result in a lowered negotiated price for the sale of the land.

Remember: This information is for educational purposes only. Consult qualified professionals for advice specific to your situation and jurisdiction.
split estate

What is a Split Estate for Oil and Gas Drilling?

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⚠️ IMPORTANT LEGAL DISCLAIMER:

The information provided on this page is for general informational purposes only and does not constitute legal, financial, or investment advice. Oil and gas laws, mineral rights regulations, and royalty structures vary significantly by state and jurisdiction. While we strive to provide accurate and up-to-date information, no guarantee is made to that effect, and laws may have changed since publication.

You should consult with a licensed attorney specializing in oil and gas law in your jurisdiction, a qualified financial advisor, or other appropriate professionals before making any decisions based on this material. Neither the author nor the publisher assumes any liability for actions taken in reliance upon the information contained herein.

A split estate is defined as an “an estate where the property rights to the surface and the underground are split between two parties.” Split estates are unique, as the United States is one of the few countries in which individuals can legally own the property below the surface of the earth. In this article, we will go into detail for a full understanding of split estates as they relate to oil and gas drilling.

How is a Split Estate Created?

Whenever land is purchased, if the new owner owns the surface and subsurface rights, then it is known as a “fee simple estate.” If that owner were to go off and sell the subsurface rights to another individual or entity, then it becomes a “split estate.” The estate is essentially split into what are known as “surface rights” and “subsurface rights” which can also be referred to as the “mineral estate.”

The Different Types of Split Estates in the United States

One of the most famous early examples of a split estate in the United States was created with the Stock Raising Homestead Act of 1916, in which the government retained mineral rights below 70 million acres of newly privatized surface land. Since then, there has been an endless number of possible split estate ownership combinations. For the most part, split estates are split between private parties, state governments, or federal governments with each entity controlling one or both parts of the property.

Mining on a Split Estate

If a mineral rights owner wants to explore and produce valuable resources from a split estate, then they must notify the surface rights owner. The subsurface owner issues a “Notice of Intent to Locate (NOITL)” to the surface rights owner which will allow the claimant to explore the property and stake mining claims for 60 days after a 30 waiting period.

Remember: This information is for educational purposes only. Consult qualified professionals for advice specific to your situation and jurisdiction.
oil and gas depletion allowance

What is an Oil and Gas Depletion Allowance for Mineral Rights Owners?

⚠️ IMPORTANT LEGAL DISCLAIMER:

The information provided on this page is for general informational purposes only and does not constitute legal, financial, or investment advice. Oil and gas laws, mineral rights regulations, and royalty structures vary significantly by state and jurisdiction. While we strive to provide accurate and up-to-date information, no guarantee is made to that effect, and laws may have changed since publication.

You should consult with a licensed attorney specializing in oil and gas law in your jurisdiction, a qualified financial advisor, or other appropriate professionals before making any decisions based on this material. Neither the author nor the publisher assumes any liability for actions taken in reliance upon the information contained herein.

If you own mineral rights or oil and gas royalties, then you may be lucky enough to have a large income stream each month for the extraction and sale of precious minerals. When it comes time to pay taxes on your earnings, there are a number of deductions designed to help you keep as much of your earnings as possible. In this article, we are going to focus on fully explaining oil and gas Depletion Allowances as it relates to mineral rights and royalties.

Depletion Allowance Definition

Depletion can be defined as “using up a natural resource through drilling, mining, etc.” The IRS allows for a mineral rights owner to account for the reduction in mineral production through an oil and gas depletion allowance. This allows mineral rights and oil and gas royalty owners to recover the cost from initially high capital investment.

The Two Types of Depletion Allowance for Oil and Gas Royalties

There are two main types of oil and gas depletion allowance: cost and percentage. Mineral rights owners will generally choose whichever method will lead to the highest possible tax deduction.

Cost Depletion Allowance

In a cost depletion allowance, an estimate is made as to what percentage of the valuable reserves can still be recovered from an active property’s subsurface. The taxpayer will take this percentage and apply that to the original cost of their capital investment.

Percentage Depletion Allowance

A percentage depletion allowance is slightly different. Instead of applying a percentage of the estimated remaining minerals to the original investment cost, percentage depletion allowances use a flat rate of 15% of the reserves gross income. If the gross income is high, this allows for percentage depletion users to recover costs that exceed the cost of the original investment.

In percentage depletion, there is a limit on the amount of taxable income as it applies to oil and gas royalty owners. Currently, It is either 65% of your property income, or 100% of your overall income, whichever is smaller without deductions or allowances for depletion.

Remember: This information is for educational purposes only. Consult qualified professionals for advice specific to your situation and jurisdiction.
income tax on oil and gas royalties

Taxes on Oil and Gas Royalties: What is Paid?

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⚠️ IMPORTANT LEGAL DISCLAIMER:

The information provided on this page is for general informational purposes only and does not constitute legal, financial, or investment advice. Oil and gas laws, mineral rights regulations, and royalty structures vary significantly by state and jurisdiction. While we strive to provide accurate and up-to-date information, no guarantee is made to that effect, and laws may have changed since publication.

You should consult with a licensed attorney specializing in oil and gas law in your jurisdiction, a qualified financial advisor, or other appropriate professionals before making any decisions based on this material. Neither the author nor the publisher assumes any liability for actions taken in reliance upon the information contained herein.

What Income Taxes on Oil and Gas Royalties are Paid

A wise man once said that there are two absolute certainties in life: death and taxes. Yes, unfortunately, if your mineral rights are earning you a nice oil and gas royalty paycheck every month, those earnings are subject to taxation. In this article, we will outline the taxes on oil and gas royalties that are or are going to be deducted from your paycheck.

Federal Income Tax on Oil and Gas Royalties

Any money that is headed into your bank account is going to be considered income. Oil and gas royalties are no exception. Therefore the standard federal income tax on oil and gas royalties will be deducted when you go to file your taxes. Depending on your income bracket, this could be anywhere between 10 and 37 percent of your income.

State Income Tax on Oil and Gas Royalties

In the United States, tax laws between individual states have a large range of policies. Certain states, like Texas, Wyoming, and Nevada do not have a state income tax deduction. Most states, however, will claim a small percentage of your income with a state income tax. The amount allocated is either a flat rate, like in Colorado and Pennsylvania amongst others, or a percentage of your income based on your total earned each year.

Oil and Gas Royalty Bonus Income Tax Rates

Although the monthly income from your oil and gas royalties are considered as normal income, bonuses received during the sale and signing process are classified as a separate kind of earnings. Although they are taxed at roughly the same rate, if you receive a bonus signing rate of anything above $600, you will have to file that income separately from your monthly oil and gas royalty income.

Tax Deductions for Mineral Rights Income

When it comes time to do your taxes on oil and gas royalties, you’ll want to make sure you add up all of your deductions as they relate to your oil and gas royalty income. Depending on your involvement with the extraction process, you may be eligible for deductions on marketing, state income, severance, depletion allowance, legal, professional, or shipping expenses. Consulting a tax professional will be the best way to explore and deduct the highest available amount from your annual taxes on oil and gas royalties.

Remember: This information is for educational purposes only. Consult qualified professionals for advice specific to your situation and jurisdiction.
Property Value

How Does an Oil Well Affect my Property Value?

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⚠️ IMPORTANT LEGAL DISCLAIMER:

The information provided on this page is for general informational purposes only and does not constitute legal, financial, or investment advice. Oil and gas laws, mineral rights regulations, and royalty structures vary significantly by state and jurisdiction. While we strive to provide accurate and up-to-date information, no guarantee is made to that effect, and laws may have changed since publication.

You should consult with a licensed attorney specializing in oil and gas law in your jurisdiction, a qualified financial advisor, or other appropriate professionals before making any decisions based on this material. Neither the author nor the publisher assumes any liability for actions taken in reliance upon the information contained herein.

If you own a piece of land that an oil and gas company is interested in exploring for valuable minerals, then there are a lot of things to consider before you strike a deal. One of the most common questions of property owners before an oil well drill is this. “How will an oil well affect my property value?”. In this article, we are going to outline the possible effects that oil well for you. You learn how to have great value for your land.

Earning a Passive Income Stream with Oil and Gas Royalties

If you sign an oil and gas lease for your property’s mineral rights, then you can potentially earn a monthly income from the sale of resources extracted from your property. This income is separate from your property value. However, it is a nice passive income stream that may make you forget about your property value altogether.

Whenever you go to sell your land, having an active oil well operating on the property can actually be quite the selling point for some interested buyers. If the sale of your surface rights includes the transfer of an oil or gas royalty payment, your property can be sold at a premium, as it includes a monthly check in the mail, so long as the oil well is active.

Oil Well Property Value Effects: Residential vs. Remote

Oil wells are similar to solar panels in that they are necessary to generate the energy we need. However, some people simply do not like to look at them. One study found that some residents in Colorado won’t consider buying a home anywhere near an oil well as they “don’t want to even look at anything remotely close to any existing or proposed well sites.” For this reason, residential property values in dense communities may be negatively affected by the presence of an oil well.

Property values of remote lands may have an adverse effect when considering an oil well. This happens usually without the individuals and families of a close-knit community around. Oil wells and mineral extraction attracts industrial development. As a result, it can lead to long-term income opportunities. With this in mind, an active oil well in a remote desert or farmland can potentially increase the property value. If you have further questions related to oil property value, feel free to reach out to us here.

Remember: This information is for educational purposes only. Consult qualified professionals for advice specific to your situation and jurisdiction.
mineral rights lawyer What to know Before you Sell Your Mineral Rights

What to Know Before Selling Mineral Rights

⚠️ IMPORTANT LEGAL DISCLAIMER:

The information provided on this page is for general informational purposes only and does not constitute legal, financial, or investment advice. Oil and gas laws, mineral rights regulations, and royalty structures vary significantly by state and jurisdiction. While we strive to provide accurate and up-to-date information, no guarantee is made to that effect, and laws may have changed since publication.

You should consult with a licensed attorney specializing in oil and gas law in your jurisdiction, a qualified financial advisor, or other appropriate professionals before making any decisions based on this material. Neither the author nor the publisher assumes any liability for actions taken in reliance upon the information contained herein.

So, you’ve decided to sell your mineral rights, great! You are about to enjoy either a huge influx of cash, some long-term royalty payments, or excellent tax benefits in purchasing another asset through a 1031 exchange. You are ready to talk with a mineral rights lawyer ASAP.

Ready to sign the papers to hand over your mineral rights? Before doing that, there are a few crucial things that you will want to make sure you have already considered. In this article, we will outline the most important things to know when selling mineral rights.

A Full Understanding of the Assets Outlined in the Negotiation

To put it simply, you’ll first want to “know what you’ve got.” If you’re selling mineral rights, that means that you’re selling your subsurface rights which include any valuable minerals that may be below your property.

Here are some facts In states like Texas, Oklahoma, and Colorado? Do you know that there is a large chance that a company will be primarily interested in oil and gas reserves? In other cases, your property could even have iron, copper, gold, or other precious metals below the surface.

Here, you will also want to know the exact size and percentage share of your property’s mineral rights. Make sure that you know the exact acreage of your property. Do you only own a portion of your mineral rights? Then it is a good idea to double-check your paperwork. This is so that you are compensated for the exact percentage you are entitled to.

An Approximate Value of Your Mineral Rights Worth

Once you’ve figured out exactly what you own, then it’s time to understand what it might be worth. Mineral rights can be very highly valuable assets but can be difficult to price. This is because purchasing companies don’t have the legal obligation to share transaction information with the public.

The value of mineral rights is determined by a combination of a few things. Most notably, brokers consider the size of the property, the number of wells (both in use and vacant), current market prices for minerals, and potential future earnings as the primary influences in a property’s mineral rights value. It is extremely advisable to speak to an expert when estimating the value of your mineral rights.

Common Red Flags for Mineral Rights Buyers

Before you sign on the dotted line, make sure to thoroughly review your interactions and contract with the potential buyer of your mineral rights. Because of their value, many individuals and companies set out to earn as much as possible.

Above all, make sure to read the fine print and consult a mineral rights lawyer if there is anything you do not fully understand in the agreement. Everything is negotiable, so it is not advisable to take the first offer you receive. Be wary of any company that appears to be in a hurry. Also, those who want you to accept a deposit right away. Performing a full background check on the individual or entity will also be able to provide some peace of mind.

If you need support from a mineral rights lawyer, we can guide you through it. Feel free to reach out to us here.

Remember: This information is for educational purposes only. Consult qualified professionals for advice specific to your situation and jurisdiction.
top oil producing states in the US

Top Oil Producing States in the US

⚠️ IMPORTANT LEGAL DISCLAIMER:

The information provided on this page is for general informational purposes only and does not constitute legal, financial, or investment advice. Oil and gas laws, mineral rights regulations, and royalty structures vary significantly by state and jurisdiction. While we strive to provide accurate and up-to-date information, no guarantee is made to that effect, and laws may have changed since publication.

You should consult with a licensed attorney specializing in oil and gas law in your jurisdiction, a qualified financial advisor, or other appropriate professionals before making any decisions based on this material. Neither the author nor the publisher assumes any liability for actions taken in reliance upon the information contained herein.

Oil was first struck in the United States of America back in 1859 near Titusville, Pennsylvania. It is about 100 miles north of Pittsburgh. What happened over the next one hundred and fifty years? How about the exploration and mining of precious minerals, such as oil and gas? Basically, it has spread all the way across the contiguous United States and onto other territories. Although annual production and ranking vary from year to year, in this article, we are going to discuss the mineral rights and oil extraction of five of the top oil-producing states in the US according to the United States Geological Survey (USGS).

1. Texas

When people think oil, people usually think of Texas, so it should come as no surprise that the Lone Star State of Texas is the top oil-producing state in the US. Texas is able to produce and sell up to 3 times as much oil as any other state year after year. This is due to its massive size and ample preserves. According to statistia.com, 1.28 billion barrels of crude oil were produced in Texas in 2018.

2. North Dakota

In second place comes a state with the domination of the sweeping white tundra of Great Plains: North Dakota. During peak season, North Dakota has reached volumes of producing over 700,000 barrels of crude oil per day. Although the state only began to produce oil in the 1950s, it has quickly risen to become one of the top oil-producing states in the US in recent years.

3. New Mexico

Third on this list is the Land of Enchantment: New Mexico. In the southwest region of the United States, New Mexico is widely known for its bountiful gas royalties thanks to its high number of natural gas and carbon dioxide reserves. New Mexico also produces a large share of crude oil and has been since the 1920s. In recent years, America’s 47th state had a huge boom in oil production, up nearly 7 million barrels per month over previous periods.

4. Oklahoma

The Sooner State is next, as Oklahoma produces enough annual oil to be considerable one of the top oil-producing states in the country. Neighboring Texas to its South, Oklahoma first gained interest in prospective oil miners in the late 1800s. Although the oil production amounts in Oklahoma tend to rise and fall more often than other states on this list, Oklahoma’s long-term consistency of bringing oil to market makes it a great state to buy or sell mineral rights and royalties within. You can also learn more through searching for “mineral rights forum Oklahoma”. Try also “oil and gas forum Oklahoma” to gain more insights now.

5. Alaska

The last state on this list is not in the contiguous United States. Alaska, also known as “America’s Last Frontier,” sits North and West above the rest of America. It has lands and operations rich with oil. You may have heard of the Trans-Alaska Pipeline System (TAPS) which transports oil throughout the largest provincial landmass in the United States. Although the market has been declining slowly since the 1980s, much of Alaska’s land remains unexplored for cost-effective oil production.

Remember: This information is for educational purposes only. Consult qualified professionals for advice specific to your situation and jurisdiction.
oil and gas landman

Oil and Gas Landman

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⚠️ IMPORTANT LEGAL DISCLAIMER:

The information provided on this page is for general informational purposes only and does not constitute legal, financial, or investment advice. Oil and gas laws, mineral rights regulations, and royalty structures vary significantly by state and jurisdiction. While we strive to provide accurate and up-to-date information, no guarantee is made to that effect, and laws may have changed since publication.

You should consult with a licensed attorney specializing in oil and gas law in your jurisdiction, a qualified financial advisor, or other appropriate professionals before making any decisions based on this material. Neither the author nor the publisher assumes any liability for actions taken in reliance upon the information contained herein.

The United States is one of the few countries in which the subsurface rights of a property can be bought and sold for the purpose of oil and gas exploration. In this industry, an oil and gas landman is a person who acquires subsurface mineral rights in order to seek, drill, and sell valuable materials from below the Earth’s surface.

A landman is not always necessarily the direct owner of an oil and gas operation’s mineral rights, but rather may receive overriding royalty interests as they can also be involved simply with business agreements or the extraction process of the minerals.

What Exactly Does an Oil and Gas Landman Do?

There are actually quite a few different roles a landman can play in the process of bringing oil and gas to market. Landmen are often heavily involved with financial negotiations and procurement processes involved in the extraction of valuable minerals. Some of the most common examples of oil and gas landman’s duties include:

  • Researching public and private records to determine ownership of mineral rights
  • Reducing title risks of mineral right ownership
  • Negotiating the sale or purchase of mineral rights
  • Determining ownership, managing, or combining mineral rights
  • Contracting surveyors and extraction teams for procurement

Landman Certification Levels

If you are interested in how to become an oil and gas landman, or simply want to check the credentials of an individual while selling your mineral rights or oil and gas royalties, then you should be familiar with the three certification levels of a professional landman. As designated by the American Association of Professional Landmen (AAPL), they are as follows:

Registered Landman (RL) – The most basic and easiest certification generally seen as the first step to becoming an expert in the field.

Registered Professional Landman (RPL) – The second level, which typically requires about 4 years of experience as a registered oil and gas landman.

Certified Professional Landman (CPL) – An expert-level certification that is given to experts in the field with a large amount of experience and education.

Remember: This information is for educational purposes only. Consult qualified professionals for advice specific to your situation and jurisdiction.
5 Things to Do Before Signing an Oil and Gas Lease

5 Things to Do Before Signing an Oil and Gas Lease

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⚠️ IMPORTANT LEGAL DISCLAIMER:

The information provided on this page is for general informational purposes only and does not constitute legal, financial, or investment advice. Oil and gas laws, mineral rights regulations, and royalty structures vary significantly by state and jurisdiction. While we strive to provide accurate and up-to-date information, no guarantee is made to that effect, and laws may have changed since publication.

You should consult with a licensed attorney specializing in oil and gas law in your jurisdiction, a qualified financial advisor, or other appropriate professionals before making any decisions based on this material. Neither the author nor the publisher assumes any liability for actions taken in reliance upon the information contained herein.

Oil and Gas Lease

If you own mineral rights and are considering selling them to earn cash or minimize your tax deductions, then there are a lot of things you must consider before striking a deal and physically signing all of the paperwork and documents. We’ve compiled a list of five of the most important things to think about and do before entering an oil and gas lease for oil and mineral rights or royalties.

1. Ask Questions

Are  you already familiar with the majority of the industry’s terminology? There are a lot of players in the oil and gas fields that are very experienced in their fields. If you are unsure about anything during the process of signing an oil and gas lease, asking questions is going to be the best way to get certified, professional opinions about your individual situation.

2. Be A Good Person

You may think that someone approaching you about your mineral rights is trying to take from you everything they can. This is simply not true, as most oil and gas lease agreements are agreed upon by nurturing a good relationship between all parties. Staying civil and acting rationally will help you get the most benefit in the partnership of your oil and gas lease.

3. Negotiate Oil And Gas Leases

This may be the most crucial part of signing a strong oil and gas lease. Everything is negotiable, so why not negotiate? Mineral rights and royalties are high-value assets, so it is important to get the best possible deal.

4. Know Your Worth

In any negotiation, it is very important to try and best estimate the value of your mineral rights and royalties. Depending on the kind of asset you own, you can estimate value by running a cost-benefit analysis of your producing mineral rights or surveying some of the production activity in your area to value your non-producing mineral rights.

5. Get as Much as You Can

In an oil and gas lease, there is often more than just a one-time cash deal. In order to maximize your future earnings, it is advised to explore special lease provisions. Having a bonus royalty for a small percentage of production can go a long way over an oil and gas lease agreement that can last for decades.

Conclusion

Ultimately, when it comes to signing an oil and gas lease, it is best to be patient and resist the urge to proceed quickly. Consulting experts and having a full understanding of mineral rights and oil and gas leases is the best way to ensure the best contract for all parties.

Remember: This information is for educational purposes only. Consult qualified professionals for advice specific to your situation and jurisdiction.
Oil and Gas Leases For Dummies 2020

Oil and Gas Leases For Dummies 2022

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⚠️ IMPORTANT LEGAL DISCLAIMER:

The information provided on this page is for general informational purposes only and does not constitute legal, financial, or investment advice. Oil and gas laws, mineral rights regulations, and royalty structures vary significantly by state and jurisdiction. While we strive to provide accurate and up-to-date information, no guarantee is made to that effect, and laws may have changed since publication.

You should consult with a licensed attorney specializing in oil and gas law in your jurisdiction, a qualified financial advisor, or other appropriate professionals before making any decisions based on this material. Neither the author nor the publisher assumes any liability for actions taken in reliance upon the information contained herein.

Updated: July 25, 2022

Made for those who are new in this industry, oil and gas leases for dummies is a quick guide on some of the basic ins and outs of the industry’s most commonly asked questions. Below, we will outline some beginner-friendly information in order to give you a good foundation for understanding how an oil and gas lease works.

What is an Oil and Gas Lease?

An Oil and Gas lease is a common agreement between a property owner and an oil and gas company, giving the company permission and access to produce valuable minerals from the property owner’s land.

How Does an Oil and Gas Lease Begin?

More often than not, an oil and gas company will determine that a piece of land is likely to be a highly producing plot for oil, gas, or other valuable minerals. They will then approach the owner of the land and offer to lease it in order to explore and drill below the surface.

If you are a mineral rights or surface rights owner being approached by an oil and gas company that would like to lease your land, it is highly suggested that you speak to a professional before agreeing to anything. Doing so will enable you to earn the highest possible royalty from any oil or gas produced from your land.

When Does an Oil and Gas Lease End?

Although all contracts are different, most oil and gas leases follow a familiar format. Initially, there is a primary lease term with an ending date that is honored if the land is not actually drilled or producing minerals. If the land is being actively explored or mined, then the lease will go into its secondary term. In the secondary term, an oil and gas lease will end on a specified date or after a predetermined period of idleness such as 60 or 90 days.

Should I sign an Oil and Gas Lease?

As mentioned above, it is always best to consult a professional before signing an oil and gas lease. If you are a mineral rights owner and are approached to sell or lease your rights by an oil and gas company, you may be headed towards a profitable venture if you take the right steps to fully understanding your oil and gas lease.

Remember: This information is for educational purposes only. Consult qualified professionals for advice specific to your situation and jurisdiction.