Maryland Offset Well Protection and Payment of Compensatory Royalty

State:
Multi-State
Control #:
US-OG-810
Format:
Word; 
Rich Text
Instant download

Description

This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.

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FAQ

Royalty Clause: The Lessor's only right to receive payments in addition to the Bonus Payment is through Royalties. Royalties are calculated as a percentage of the value of all minerals produced, typically 25%.

Royalty Rates: The royalty agreement or rate is a percentage of total revenue gotten from the sale of oil and gas, and it's always outlined in the lease agreement. The royalty percentage is usually 12.5% to 15% but can change based on regional regulations or negotiations.

Royalty Clause There are two types of royalties, a net and a gross royalty. Normally, the oil and gas lease contains a net royalty. If the lease provides for a net royalty, this means that post-production deductions will be taken from the royalty.

Most states and many private landowners require companies to pay royalty rates higher than 12.5%, with some states charging 20% or more, ing to federal officials. The royalty rate for oil produced from federal reserves in deep waters in the Gulf of Mexico is 18.75%.

Compensatory royalty A royalty paid in lieu of drilling a well that would otherwise be required under the covenants of a lease, express or implied. compensatory royalty agreement An agreement developed for unleased Federal or Indian land being drained by a well located on adjacent land.

The right of governments to levy royalties from oil and gas companies derives from their ownership of natural resources. Through royalty payments, governments are compensated by oil and gas companies for the extraction of public natural resources.

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Maryland Offset Well Protection and Payment of Compensatory Royalty