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Current as of January 01, 2024 | Updated by Findlaw Staff
Terms used in this article shall have the meanings as provided in § 36-8-1et seq. and § 37B-1-1 et seq. of this code. In addition, as used in this article:
“Reserved interests” means all amounts payable for the use, development, extraction, production or sale of minerals due for an unknown or unlocatable interest owner. The term includes amounts payable:
(i) For the acquisition and retention of a mineral lease, including bonuses, royalties, compensatory royalties, shut-in royalties, minimum royalties and delay rentals;
(ii) For the extraction, production or sale of minerals, including net revenue interests, royalties, overriding royalties, extraction payments and production payments; and
(iii) Under an agreement or option, including a joint operating agreement, unit agreement, pooling agreement and farm-out agreement.
Cite this article: FindLaw.com - West Virginia Code Chapter 37B. Mineral Development § 37B-2-3. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/wv/chapter-37b-mineral-development/wv-code-sect-37b-2-3/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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