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On November 5, 2015, the Ohio Supreme Court held in CHESAPEAKE EXPLORATION, L.L.C., ET AL., v. BUELL ET AL. Slip Opinion No. 2015-Ohio-4551 that the recorded lease of severed oil and gas rights is title transaction under R.C. 5301.56(B)(3)(a) that constitutes saving event to preclude severed mineral rights from being deemed abandoned and reunited with rights to corresponding surface property. However, the Court also held that an unrecorded expiration of a recorded oil and gas lease and accompanying reversion to the lessor of rights granted by the lease is not a title transaction that restarts 20-year clock under R.C. 5301.56.
A copy of the full slip opinion can be viewed on the download below.
Ohio Supreme Court Holds Recorded Oil & Gas Lease is a Saving Event Under Dormant Mineral Act
11.05.15
written by KWGD