Abandoned Mineral Rights: At a Glance

First, what are mineral rights? Mineral rights are the ownership rights of underground resources in a property, such as oil or natural gas. Abandoned mineral rights are those minerals that have been left unclaimed by their rightful owner. In most cases, these mineral rights have been forgotten or are no longer valuable. Talking to qualified mineral rights professionals before making any decisions is important.

If you own land with potential for minerals, it is crucial to research whether or not there are any abandoned mineral rights associated with the property. The rightful owner can often claim these rights, but in some cases, they may be available for purchase by another party.

In this blog, we will discuss the following: 

What is Considered an Abandoned Mineral Right, 

What is Considered an Unused Mineral Right 

What Could Happen with Unused Mineral Rights 

Solutions to Consider.

Mineral Righst North Dakota | Blue Flame Minerals

What is Considered an Abandoned Mineral Right? 

When a mineral owner dies without a will, the minerals go through probate and distribute to the owner’s heirs according to state law. If the owner has a will, the distribution of mineral rights is according to the terms of that will. However, the state claims abandoned minerals rights if an heir is missing. 

Abandoned mineral rights can also occur when the owner stops paying the mineral’s annual property taxes. In some states, if there are unused mineral rights, the owner may be required to file a notice with the county recorder’s office stating that the minerals are still in use. If the owner fails to do this, then they are abandoned. 

What is an Unused Mineral RIght 

Unused mineral rights refer to any minerals not currently used by the owner. These minerals may be in the form of coal, oil, natural gas, or other materials. The owner of the unused mineral rights may choose to sell them, lease them, or keep them for future use. Sellers of mineral rights typically receive a royalty payment from the buyer, a percentage of the value of the minerals extracted.

What Could Happen with Unused Mineral Rights

If you own the mineral rights to a piece of property, you have the legal right to extract and sell minerals from that land. But what happens if you don’t want to or can’t extract the minerals? In some cases, you may be able to lease your rights to another company which will then mine the minerals that pay you a royalty. Or, you may be able to sell your rights outright to another party.

If you do nothing with your mineral rights, they may eventually become “abandoned.” Abandoned mineral rights usually happen when the owner is missing or if the owner doesn’t pay the required fees to keep the rights active. Abandoned mineral rights typically become the state’s property. 

Getting Solutions from a Reliable Mineral Rights Company 

At Blue Flame Minerals, we are a reliable mineral rights company that can assist you in selling your mineral rights. Our reputable team will work with you with integrity and honesty so that you can get the best possible price for your mineral rights. Getting a fair price from mineral right buyers is crucial. We provide sound advice during the selling process and support our clients through difficult ownerships. 

Learn more about our premium services and get advice from experienced personnel. Don’t allow your mineral rights to go abandoned. Let’s get started.

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