This form is an agreement used when the Owner is the owner of oil and gas properties consisting of producing mineral, royalty, overriding royalty, and working interests, and/or leased and unleased nonproducing mineral and royalty interests, all collectively referred to in this Agreement as the Properties. Owner desires to engage the services of Manager to advise and assist Owner in the management of the Properties, and Manager is willing to undertake those responsibilities in accordance with this Agreement.
Tennessee Oil Gas Service Agreement for Management of Properties
Category:
State:
Multi-State
Control #:
US-OG-629
Format:
Word;
Rich Text
Instant download
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How to fill out Oil Gas Service Agreement For Management Of Properties?
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FAQ
The 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.
Sometimes called at payout, the point after all the costs of exploring, drilling, producing, equipping, completing, and operating have been recouped from the sale of production from an oil or gas well.
8/8ths / 8/8ths Basis: a term used to describe either the full Working Interest or full Net Revenue Interest with respect to a given Tract. Pursuant to an Oil and Gas Lease, the Lessor retains the Lessor Royalty.
Total operated basis: The total reserves or production associated with the wells operated by an individual operator. This is also commonly known as the "gross operated" or "8/8ths" basis.
It is calculated as follows: Volume X Price ? Deductions ? Taxes X Owner Interest = Your Royalty Payment. Whether you are a mineral owner receiving royalty checks or just wanting to know what your minerals are worth, LandGate knows what they are worth and can market your minerals to get you the most money.
