Mineral, Oil and Gas Property Law and Legal Definition
Mineral, oil and gas property refers to land which is utilized for mining purpose. Mineral estate is distinct from real estate. Mineral owners have property rights over the mineral estate and they have a right to recover the mineral from the property owned.
For example, if a person owns a property, the property deed should specify that state ownership is “fee simple” which means that the owner has a right over both on the surface of land and its mineral deposits. Otherwise, someone else may own mineral properties on the tract.
The following is an example of the state statute defining mineral, oil and gas property:
Cal Bus & Prof Code § 10503: Mineral, oil and gas property refers to the land used for the mining of minerals or the extraction of oil or gas therefrom.
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