Arkansas Term Royalty Deed for Term of Existing Lease
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FAQ
The rule followed is generally known as the Strohacker Doctrine, named for the case of Missouri Pacific Railroad Co. v. Strohacker,s in which the Arkansas Supreme Court affirmed a chan- cery court decision that reservations of "coal and mineral deposits" in 1892 and 1893 deeds did not reserve the oil and gas.
Overriding Royalty Interest: A given interest severed out of the record title interest or lessee's share of the oil, and not charged with any of the cost or expense of developing or operation. The interest provides no control over the operations of the lease, only revenue from lease production.
Is there more than one type of oil and gas lease? Yes, there are three types: a surface use lease, a non-surface use lease, and a dual purpose lease.
A mineral deed conveys a seperate estate in minerals in Arkansas. You should use a mineral deed when you wish to deed away the mineral rights to property but not the surface rights. An Arkansas mineral deed is also used to transfer existing mineral rights among mineral owners.
An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.
If a lease is a "paid-up" lease, then the lease will remain in effect during the entire primary term with no further payments to the Lessor unless and until actual production of oil or gas is established.
Any partial assignment of any lease shall segregate the assigned and retained portions thereof, and as above provided, release and discharge the assignor from all obligations thereafter accruing with respect to the assigned lands; and such segregated leases shall continue in full force and effect for the primary term ...
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.