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Tuesday
Oct262010

Gifts of Mineral Interest

In general, the Attorney-CPA Foundation will accept royalty mineral interests, but will not accept operating (working) mineral interests.

Procedures for Accepting Gifts of Mineral Interests

The following procedure applies whenever a Donor plans to gift a mineral interest (i.e. oil, gas, coal) to the Attorney-CPA Foundation:

  1. Determine the Exact Nature of the Donor's Mineral Interest
  2. Obtain Other Helpful Information It would also be helpful to request the following information from the Donor:
    • Whether the interest is currently producing (i.e. paying money to the Donor);
    • If producing, the name and address of the mineral company making the royalty payments as well as the name and phone number of the contact person;
    • If not producing, the approximate date production is expected;
    • If the field is not proven (tested and found to contain economically obtainable minerals), the approximate date that testing is expected, if known;
    • Obtain a tax history summary from the Donor to ensure an unencumbered gift;

  3. Assist Donor in Finding Oil/Gas Attorney
    Help the Donor, if requested, find an attorney knowledgeable in assignment of mineral interests and the related state law where the mineral interests are located

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