It is not uncommon to encounter a situation where a mineral owner owns all the mineral estate in a tract of land, but the royalty interest in that tract has been divided and conveyed to a number of parties; i.e., the royalty ownership is not common in the entire tract. If a lease is granted by the mineral owner on the entire tract, and the lessee intends to develop the entire tract as a producing unit, the royalty owners may desire to enter into an agreement providing for all royalty owners in the tract to participate in production royalty, regardless of where the well is actually located on the tract. This form of agreement accomplishes this objective.
Massachusetts Commingling and Entirety Agreement by Royalty Owners Where the Royalty Ownership Is Not Common
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US-OG-041
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Hear this out loud PauseA gross royalty normally means that post-production costs will not be deducted from the royalty owner's royalty prior to distribution. A ?negative royalty? is actually an oxymoron as a royalty, whether net or gross, results in a payment to the royalty owner.
Hear this out loud PauseThe royalty percentage is usually 12.5% to 15% but can change based on regional regulations or negotiations. Types of Leases: There are different types of oil and gas leases, and they affect royalty calculations differently.
In such a circumstance, the Payor may elect to file what is known as an Interpleader action to determine the proper owner (or might be encouraged to do so). In an Interpleader, the stakeholder sues the parties who are asserting conflicting claims to the royalties due and deposits the royalties into the court.
Hear this out loud PauseAccrued and Unpaid Royalty Payments means, at any time, the royalty payments that, at such time, (i) have accrued pursuant to the terms and conditions of the Royalty Agreement (if any) and (ii) have not been paid pursuant to clause 7.1(f) of this Agreement.
A royalty interest is a property interest that entitles the owner to receive a share of the production revenue. An individual or company that owns a royalty interest does not have to pay for any of the operational costs required to produce the resource, but they still own a portion of the revenue produced.
Hear this out loud PauseRoyalty payments are negotiated once through a legal agreement and paid on a continuing basis by licensees to owners granting a license to use their intellectual property or assets over the term of the license period. Royalty payments are often structured as a percentage of gross or net revenues.