Texas: Why Do I Not Own My Own Mineral Rights? | |
Anonymous Coward User ID: 794649 United States 04/08/2010 10:35 AM Report Abusive Post Report Copyright Violation | |
dereistic User ID: 846424 United Kingdom 04/08/2010 10:35 AM Report Abusive Post Report Copyright Violation | |
Just A Thought User ID: 93768 Lithuania 04/08/2010 10:42 AM Report Abusive Post Report Copyright Violation | To the extent that a landowner also owns the minerals in his tract, he may legally sever such minerals from the surface estates. The owner of the minerals may produce them himself. The usual practice, however, is for a lease to be executed by the mineral owner to an operator who undertakes to develop the minerals. Although several lease forms are in use, their provisions are generally uniform; the significance of the variant provisions is not to be minimized, however. Typically, under a lease the operator assumes all expenses of operations to develop the mineral resources in return for a conveyance of 7/8 interest in them; the landowner or lessor retains 1/8 interest free and clear of all costs. This interest of the mineral owner or lessor is what is correctly known as royalty, although the term is sometimes more loosely used to describe an undivided interest in minerals arising out of an instrument other than a mineral lease. Legally, oil and gas are minerals. About 2/3 of the 254 counties in Texas produce oil. About 54,000,000 acres of land in the state were under oil and gas lease in 1947. Since the mid-1950s oil and gas royalties have increased. The basic royalty on oil and gas was increased from 1/8 to 1/6 by the public school and other state land boards in 1955 and by the Board for Lease of University Lands in 1960 on gas and in 1961 on oil. The practice of overriding royalties being utilized as a portion of leasing and development promotion fees in the oil and gas industry, in amounts ranging from 1/32 to 1/4, has increasingly become a common practice. By 1995 royalties for state-run lands of the Permanent School Fund had a minimum standard of 6.25 percent of the gross value. Royalties in Texas, however, are usually negotiable and depend on a number of factors, including type of mineral and deposit. [link to www.tshaonline.org] |
Anonymous Coward User ID: 931557 United Kingdom 04/08/2010 11:37 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 920864 United States 04/08/2010 11:44 AM Report Abusive Post Report Copyright Violation | I had mineral rights in my home in St. Louis, paid about $400 extra for it. Moved to a smaller city, asked about the mineral rights, my realator said none was available and didn't have anyone else ever ask for it.LOL, and she is middle aged with over 10 years in business. |
Anonymous Coward User ID: 904850 United States 04/08/2010 11:48 AM Report Abusive Post Report Copyright Violation | When I bought my house, I had to sign a document acknowledging that I do not own my own mineral rights for my property, here in Austin. Not that I was going to go outside with my shovel, but the rights are not sold anymore by the State of Texas, even when you buy property. That pisses me off to no end. Quoting: Anonymous Coward 872602This REPUBLIC was supposed to protect the interests of land owners. Even when you own land, after paying all taxes, you no longer own your land as a landowner. Makes me want to light the torch and find those who put that into effect. Even in Texas and American cannot truly own a piece of the Dream. We not only own our (central texas) mineral rights, we have an old limestone quarry on the lower quarter and several old water wells besides the one up at the house. You just bought property that had deed restrictions. You gotta read! |
Anonymous Coward User ID: 904850 United States 04/08/2010 11:50 AM Report Abusive Post Report Copyright Violation | When I bought my house, I had to sign a document acknowledging that I do not own my own mineral rights for my property, here in Austin. Not that I was going to go outside with my shovel, but the rights are not sold anymore by the State of Texas, even when you buy property. That pisses me off to no end. Quoting: Anonymous Coward 904850This REPUBLIC was supposed to protect the interests of land owners. Even when you own land, after paying all taxes, you no longer own your land as a landowner. Makes me want to light the torch and find those who put that into effect. Even in Texas and American cannot truly own a piece of the Dream. We not only own our (central texas) mineral rights, we have an old limestone quarry on the lower quarter and several old water wells besides the one up at the house. You just bought property that had deed restrictions. You gotta read! * however, I'm with you on the property taxes. You don't real own anything that can be taken away because of taxation over which you have no control. |