The mineral rights in Wyoming have generated more than 2.2. billion dollars for the American government. It’s a lucrative business opportunity. The value of mineral rights has tripled in recent years thanks to innovations in obtaining minerals. Because of advancements made in technology, the process of locating new wells and mining has been greatly improved. Wyoming is the seventh-largest oil producer, second-largest gas producer, and first-largest helium producer in the United States.
Understanding mineral rights and how they work is essential if you purchase or sell land in Wyoming. There are two types included in land ownership: surface rights and mineral rights. Surface rights describe ownership of everything on the surface of the land. Mineral rights describe the ownership of that below the surface. The landowner may differ from the mineral owner so conflicts can arise. It’s important to note that subsurface mineral rights superseded the surface property rights of landowners. In most cases, a mineral rights owner will notify the landowner of their plans to disturb the landscape or require access potentially. It is not required that a mineral right owner does so, though.
Mineral rights can be sold separately from the land, referring to a split estate. This method is popular in areas that are rich in gas deposits or natural oil.
How To Find Mineral Rights Ownership
If you are purchasing property for mineral rights, it is highly recommended that you visit with an attorney who is well-versed in mineral law. A title search and a review of mortgage paperwork are needed to indicate who the surface owner and subsurface owner are. Also, there can be a user of the minerals that is separate from the ownership of the land and mineral rights. It can be difficult to conduct this research yourself, so you may want to enlist the help of a professional, which can be costly due to the work involved. A court-recorded document usually accompanies mineral rights. If you discover you own mineral rights in Wyoming, a lawyer can confirm and draw up a deed of transfer to register with the Office of State Lands and Investment in Wyoming.
The Value of Mineral Rights
Location, quality, development, and cost of extraction all play a part in determining the value. Wyoming is rich in natural oil and gas deposits and contains some oil and gas fields. Basins that contribute to the value of mineral rights are the Bighorn Basin, the Wind River Basin, the Greater Green River Basin, and the Greater Powder River Basin.