Florida Regulations 69W-700.011: Fractional Undivided Interest in Oil and Gas Titles
Current as of: 2024 | Check for updates
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(1) Registration will not be allowed for the sale of any interest in oil, gas, petroleum or mineral titles or leases unless the proposed drilling is located in a proven area substantiated by a qualified independent geologist.
(2) The term “”fractional undivided interest in oil or gas rights”” shall include landowner’s royalty interests, overriding royalty interests, working interests, participating interests, and oil or gas payments. Such terms shall be construed as hereinafter defined:
(a) Landowner’s royalty interests means the right in the royalty reserved by a landowner or fee owner upon the creation of an oil or gas lease.
(b) Overriding royalty interests means the right of participation in the oil or gas, or in the proceeds from the sale of oil or gas, produced from a specified tract or tracts, which right is limited in duration to the terms of an existing lease and which is not subject to any portion of the expense of development, operation, or maintenance.
(c) Working interests means that right in an oil or gas leasehold which is subject to any portion of the expense of development, operation or maintenance.
(d) Participating interests means the right of participation in the oil or gas, or in the proceeds from the sale of oil or gas, produced from a specified tract or tracts or wells which right is limited in duration to the terms of an existing lease and is subject to any portion of the expense of development, operation or maintenance.
(e) Oil or gas payments means the right of participation in the oil or gas, produced from a specified tract or tracts and which is limited to a maximum amount fixed in barrels of oil, cubic feet of gas, or dollars.
Rulemaking Authority Florida Statutes § 517.03(1). Law Implemented 517.081(3), (7) FS. History-New 9-20-82, Formerly 3E-20.10, 3E-700.11, Amended 10-26-97, Formerly 3E-700.011.
Terms Used In Florida Regulations 69W-700.011
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(a) Landowner’s royalty interests means the right in the royalty reserved by a landowner or fee owner upon the creation of an oil or gas lease.
(b) Overriding royalty interests means the right of participation in the oil or gas, or in the proceeds from the sale of oil or gas, produced from a specified tract or tracts, which right is limited in duration to the terms of an existing lease and which is not subject to any portion of the expense of development, operation, or maintenance.
(c) Working interests means that right in an oil or gas leasehold which is subject to any portion of the expense of development, operation or maintenance.
(d) Participating interests means the right of participation in the oil or gas, or in the proceeds from the sale of oil or gas, produced from a specified tract or tracts or wells which right is limited in duration to the terms of an existing lease and is subject to any portion of the expense of development, operation or maintenance.
(e) Oil or gas payments means the right of participation in the oil or gas, produced from a specified tract or tracts and which is limited to a maximum amount fixed in barrels of oil, cubic feet of gas, or dollars.
Rulemaking Authority Florida Statutes § 517.03(1). Law Implemented 517.081(3), (7) FS. History-New 9-20-82, Formerly 3E-20.10, 3E-700.11, Amended 10-26-97, Formerly 3E-700.011.