Austin, TX -- (SBWIRE) -- 05/06/2013 -- Lucrative Unconventional Resources: Phoenix Petroleum Partners (PP&P) is pleased to be a part of the launch of the Utica Shale whirlwind in Carroll, Columbiana, Harrison and Jefferson counties in eastern Ohio. Working with longtime Ohio natives and geologists, PP&P has been acquired top assets for sale in very desirable locations and has concluded numerous transactions year to date. This robust area of new production has over 179 wells drilled by Chesapeake alone with numerous other operators rushing to get a foothold in an area expected to support over 13,000 wells.
Julianne Bawden, Acquisition Manager: Julianne Bawden has been working in sales, marketing, recruitment and public relations for over 30 years. Her visionary problem solving abilities and creative energy have impacted and transformed companies across the United States. The daughter of a Petroleum Geologist and a long time Oil and Gas Mineral investor, Julianne’s grass roots background in the Oil and Gas Industry have come full circle with her involvement with PP&P.
Mineral estates are often severed from the surface estate. Such severance is accomplished with a conveyance or reservation of these rights. This conveyance or reservation includes minerals or substances considered to be minerals. Mineral rights do include hydrocarbon resources such as oil and natural gas, which are technically not minerals, because a mineral is formally a naturally occurring crystalline "solid". But nonetheless, legal regimes typically lump them together under this one term. Such a conveyance or reservation includes royalties, bonuses and rentals.
Although there are numerous other important details, the basic structure of the lease is straightforward: in exchange for an up-front lease bonus payment, plus a royalty percentage of the value of any production, the mineral owner grants the oil company the right to drill for a period of time, known as the primary term. If the term of the oil or gas lease extends beyond the primary term, and a well was not drilled, then the Lessee is required to pay the lessor a delay rental. This delay rental could be $1 or more per acre. In some cases, no drilling occurs and the lease simply expires. The duration of the lease may be extended when drilling or production starts. This enters into the period of time known as the secondary term, which applies for as long as oil and gas is produced in paying quantities.
Austin Texas Based Phoenix Petroleum Partners Dependable Acquisitions Manager Julianne Bawden Announces Continued Extensive Expansion of Potential Successful Mineral Right Operations in Columbiana County Ohio
The owner of a mineral interest may separately convey any or all of the above-listed interests. Minerals may be possessed as a life estate, which does not permit a person to sell them, but merely that they own the minerals so long as they live. After this, the rights revert to a pre-designated entity, such as a specific organization or person. It is possible for mineral right owners to sever and sell oil and gas royalties, while keeping the other mineral rights. In such case, if the oil lease expires, the royalty owner has nothing and the mineral owner still owns the minerals. The status of the land is fixed by law, and is distinguished as being either a freehold estate or a non-freehold estate. Freehold means ownership in perpetuity. Non-freehold implies that the owner holds the rights for a specific time period, after which the holder no longer holds the rights.
When it comes to property rights, the United States is special. As an individual, Americans are guaranteed the right to own the minerals beneath the land. No other country allows its citizens to own the minerals beneath the land. A legally binding mineral title opinion is typically the only document that substantiates mineral ownership. In the 18th and 19th century, when land was originally deeded to individuals, the mineral estate naturally came with the land, and as long as it hasn't been severed (meaning the land and minerals remain together), stays with the land.
Phoenix Petroleum Partners (PP&P)
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