Maine Mineral Deed with Grantor Reserving Nonparticipating Royalty Interest

State:
Multi-State
Control #:
US-OG-062
Format:
Word; 
Rich Text
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Description

This form of deed conveys the grantee an undivided mineral interest, with the grantor reserving a nonparticipating royalty interest out of the interest conveyed.

Maine Mineral Deed with Granter Reserving Nonparticipating Royalty Interest is a type of legal document used in real estate transactions involving mineral rights. It is important to understand the intricacies of this type of deed and its various forms to ensure a smooth transfer of ownership and rights. Here is a detailed description of what this deed entails, including the different variations and relevant keywords associated with it. A Maine Mineral Deed with Granter Reserving Nonparticipating Royalty Interest is a legal instrument used to transfer ownership of mineral rights from one party, known as the granter, to another party, known as the grantee. This type of deed is commonly used in Maine, where mineral rights can hold significant value, particularly in regions rich in natural resources such as oil, gas, and minerals. Keywords: Maine, Mineral Deed, Granter, Nonparticipating Royalty Interest, transfer, ownership, mineral rights, legal instrument, real estate, transaction, natural resources. In a typical Maine Mineral Deed with Granter Reserving Nonparticipating Royalty Interest, the granter conveys the mineral rights to the grantee, ensuring their ownership of these valuable assets. However, unlike a standard mineral deed, the granter retains a nonparticipating royalty interest (NPR) in the mineral estate. This means that while the grantee now owns the rights to extract and develop the minerals, the granter retains the right to receive a percentage of the royalties generated from the production of these minerals. This ensures an ongoing source of income for the granter, even though they are not actively participating in the exploration or extraction processes. Variations of the Maine Mineral Deed with Granter Reserving Nonparticipating Royalty Interest can include additional clauses to address specific conditions and preferences of the parties involved. For example, the deed may specify the percentage of royalties the granter wishes to retain, the duration of the NPR, or any limitations on the grantee's activities regarding mineral extraction. These additional clauses can be tailored to meet the specific needs of the granter and grantee, ensuring a fair and mutually beneficial agreement. It is crucial for both parties involved in a Maine Mineral Deed with Granter Reserving Nonparticipating Royalty Interest to seek legal counsel or consult with experienced professionals well-versed in mineral rights transactions and deeds. This will help ensure that the document accurately reflects the intentions and interests of both parties and that all legal requirements are met. In summary, a Maine Mineral Deed with Granter Reserving Nonparticipating Royalty Interest is a legal instrument used to transfer ownership of mineral rights, while the granter retains a nonparticipating royalty interest. This type of deed allows the granter to receive a percentage of the royalties generated from mineral extraction, providing an ongoing source of income. It is important to understand the various forms and clauses associated with this type of deed to ensure a successful and legally compliant transaction.

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FAQ

This is an estate or ownership in fee simple in and to the minerals. A conveyance or reservation of a mineral fee gives title to the minerals. The ownership of a mineral interest includes all ownership, including the right to execute oil, gas and mineral leases and the right to receive bonuses, rentals and royalties.

The formula to calculate NPRI without proportionate share reduction is LRR ? RI = NPRI. As an example, reducing your revenue interest from 25% LRR results in 1/16 NPRI, leaving 75% NRI for working interest owners.

An Overriding Royalty Interest IORRI), commonly referred to as an override, is a fractional, undivided interest granting the right to receive proceeds from the sale of oil and gas. It is not an interest in the minerals themselves, but rather in the proceeds of the sale of oil and gas.

A mineral interest is simply a real property interest obtained from the severance or exploitation of minerals ? say natural gas ? from the surface. On the other hand, a royalty interest is the property interest that grants an owner a portion of the production revenue generated.

Typically, NPRIs are created by an express grant or reservation in a deed and are entirely different from a ?leasehold? royalty. The holder of a NPRI has no power to negotiate or execute an oil and gas lease and has no power to enter upon the land to extract the hydrocarbons.

An overriding royalty interest (ORRI) is an interest carved out of a working interest. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well.

Non-Participating Royalty Interest (NPRI) Unlike a mineral interest owner, the NPRI owner does not have ?executive? rights, meaning they cannot sign an oil and gas lease or participate in the benefits of lease bonus or delay rentals.

An ORRI is a fractional, undivided interest with the right to participate or receive proceeds from the sale of oil and/or gas. It is not an interest in the minerals, but an interest in the proceeds or revenue from the oil & gas minerals sold.

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This form of deed conveys the grantee an undivided mineral interest, with the grantor reserving a nonparticipating royalty interest out of the interest conveyed ... Jun 20, 2023 — The Mineral Deed contains no reservations or exceptions from the conveyance for the prior outstanding non-participating royalty interests (which ...BASIC OIL AND GAS FORMS PROGRAM · Correction to Mineral Deed (As to Interest Conveyed) · Gift Deed of Mineral Interest (With no Warranty) · Mineral Deed (Reserving ... A drafter on behalf of a grantee of a term mineral or royalty interest or on behalf of a grantor reserving such an interest must therefore bear in mind the ... Apr 20, 2021 — It is understood and agreed that this conveyance is a royalty interest only, and that neither the Grantee, nor his heirs or assigns shall ever. Gift Deed of Nonparticipating Royalty Interest. (With No Warranty). Royalty ... (On Mineral or Royalty Interest Sold by Grantor). Partial Release of Mortgage or ... Dec 8, 2022 — Take for example, a deed that reserves an undivided 1/16 mineral interest, but later conveys the executive rights and rights to receive delay ... by JH Tippit · 1952 · Cited by 8 — Mineral interests are created by reservation and exception or by deed. If a mineral interest is intended, the wording should be such that it conveys the fee ... Assertion of claim. An owner, assignee or lessee of a mineral interest may file a statement of claim with the registrar of deeds of the county in which the ... In the 1986 Deed, the grantor reserved a 1/8th non-participating royalty interest “in and to all of the oil, gas and other minerals on, in or under the Subject ...

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Maine Mineral Deed with Grantor Reserving Nonparticipating Royalty Interest