Louisiana Royalty Split Agreement
Description
How to fill out Royalty Split Agreement?
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FAQ
Article 21 of the Mineral Code defines a mineral servitude as a right in land owned by another to explore for, produce, and reduce minerals to possession and ownership.
Content. A division order is a record of your interest in a specific well. It contains your decimal interest, interest type, well number and well name. Division orders are issued to all that own an interest in a specific well after that well has achieved first sales of either oil or gas.
An overriding royalty interest (ORRI) is similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.
A royalty clause in an oil and gas lease specifies the amount of royalty to be paid to the Lessor (the owner of the leased mineral rights) and sets forth terms and conditions of payment.
The Division Order is a document whereby the revenue distributor (either the Operator or the 1st Purchaser) and the recipient (the royalty owner) agree on the exact decimal interest (Net Revenue Interest or NRI) owned within a well, lease, production unit, or field-wide unit.
Execution of a Division Order has never been required by the State Mineral & Energy Board or any existing State Lease form as a prerequisite to the payment of royalty. Title 31, Section 138.1 of the Louisiana Revised Statutes provides that: A division order may not alter or amend the terms of the oil and gas lease.
1. n. Oil and Gas Business Ownership in a percentage of production or production revenues, free of the cost of production, created by the lessee, company and/or working interest owner and paid by the lessee, company and/or working interest owner out of revenue from the well.
A mineral interest owner also possesses the right to receive lease bonuses, delay rental payments, shut-in payments and royalties. A royalty interest, on the other hand, is the property interest created that entitles the owner to receive a share of the production.
Royalty interest in the oil and gas industry refers to ownership of a portion of a resource or the revenue it produces. A company or person that owns a royalty interest does not bear any operational costs needed to produce the resource, yet they still own a portion of the resource or revenue it produces.
Working interests are oil and gas investments that give owners the right to exploit the resources on a property. Royalty interests are the rights belonging to the landowner who leased out the property to the working interest owner.
