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CorwinofAmber's avatar

Have you ever "sold" the natural resource rights, of your property, to a private corporation/government body?

Asked by CorwinofAmber (406points) December 26th, 2009

In most countries of the world all mineral resources belong to the government. This includes all valuable rocks, minerals, oil or gas found on or within the Earth. Organizations or individuals in those countries can not legally extract and sell any mineral commodity without first obtaining an authorization from the government.

In the United States and a few other countries, ownership of mineral resources was originally granted to the individuals or organizations that owned the surface. These property owners had both “surface rights” and “mineral rights”. This complete private ownership is known as a “fee simple estate”.

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5 Answers

faye's avatar

MY co-worker’s father finally did because he is getting older and didn’t want the legal paperwork, taxes,etc. I was amazed because this is Alberta where oil wells are on many farms and mineral rights don’t exist anymore for new landowners.

Darwin's avatar

Well, I might have if I had owned the mineral rights to begin with, but the folks who originally settled the land that eventually became the site of the housing development I lived in retained the mineral rights and passed them on to their heirs. Thus, I could only purchase the surface rights to my little 1/10 of an acre, while the Weil family owned the mineral rights.

HighShaman's avatar

My grandparents did MANY years ago to an Oil company ; however; they never got the residules that they were promised… even though the property made the oil comapnay much $$$$$$ !

stranger_in_a_strange_land's avatar

In the US you do own your mineral rights unless you or a previous owner sell them. In New England mineral rights have never really been an issue as there is nothing valuable (other than water) under our rocky soil. Both properties I own retain their mineral rights.

Ron_C's avatar

It turns out that we had no choice. The original settlers sold the mineral rights 100 years before we moved in The only people that I know that retained the mineral rights on their property are the nuns that own a monastery in our town. They get free natural gas to heat their buildings.

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