If you live in the state of Ohio you might be interested in purchasing or selling mineral rights. This simply means that you, if you buy the rights, have complete ownership of the minerals that are beneath the soil on a property. This refers to not only homes, but large pieces of land as well. Every state has different rules and regulations when it comes to buying and selling mineral rights and the state of Ohio is definitely no exception. It is crucial to follow the state’s rules when becoming involved in the world of mineral rights. Below is a set of rules, tips, and guidelines to Ohio mineral rights.
A Brief History
Mineral rights began in Ohio in the mid 1800’s. The very first production of commercial oil happened in 1860 in Washington County, followed by natural gas in 1884. The mineral right’s owners of Ohio have nearly 275,000 drilled oil wells, and it makes them the fourth in the nation in mineral rights ownership. A majority of the gas and oil wells in the state of Ohio produce just a bit less than 10 oil barrels in one single day. Cuyahoga, Knox, and Lake Counties are some of the highest producing counties in Ohio. It is important to know the history of Ohio mineral rights in order to become a productive mineral rights owner and seller.
Points to Consider
Many residents of Ohio are being approached about their land and the potential for minerals on their properties. The gas and oil industries are spreading across the state of Ohio like wildfire. There are definitely some issues regarding Ohio mineral rights that one should consider before deciding to lease or purchase mineral rights. One question that should be asked is does anyone own or lease the rights to the minerals beneath your land.
Ohio has strict rules about the ownership of the land above and below surface, so knowing who owns every part of your property is crucial. Knowing when and how you will reimbursed for those minerals is also a key factor to consider. If drilling is needed, many home and landowners wonder if this will impact their ability to farm regularly. These are all extremely important questions to ask when get into the world of mineral rights. Contact the state of Ohio’s government offices for more information on Ohio mineral rights.
Ohio is one of the highest producing states when it comes to oil and natural gas, so before getting started make sure you know all the rules and regulations. Contact your local Ohio government office to find out who owns the minerals on your property and what your current rights are as a property owner.
