Fla. Admin. Code Ann. R. 69W-700.011 - Fractional Undivided Interest in Oil and Gas Titles
(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.
Notes
Rulemaking Authority 517.03(1) FS. Law Implemented 517.081(3), (7) FS.
New 9-20-82, Formerly 3E-20.10, 3E-700.11, Amended 10-26-97, Formerly 3E-700.011.
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