Stipulation Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease
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FAQ
Fractions as shorthand They say 8/8ths when they mean all, for instance. And for many decades, until at least the 1970s, the usual or customary royalty for the land/mineral owner meant one of those eighths.
Royalty Interest an ownership in production that bears no cost in production. Royalty interest owners receive their share of production revenue before the working interest owners. Working Interest an ownership in a well that bears 100% of the cost of production.
A deed that names the seller/donor and the purchaser/donee. It states and describes the rights being sold or given. Filing of the notarized conveyance in the county government office which is generally the county clerk's office.
Conveyance Documents An operator may ask you to sign a Cross-Conveyance and Stipulation of Interest document to clarify ownership when there are any ambiguities with previous conveyances when concurrent ownership (multiple people) is involved. If you have this document, keep it along with any deeds.
A stipulation of interest is a contract that consists of mutual conveyances, and therefore, it must conform to the requirements of both a contract and conveyance.This requires the affiant to state all facts necessary to establish inheritance of a decedent's real estate as well as proportional interest.
A Non-Participating Royalty Interest (NPRI) is an interest in oil and gas production which is created from the mineral estate. Like the plain royalty interest it is expense-free, bearing no operational costs of production.
A title opinion is a legal document and an important written communication between an attorney and his client.A thorough examination will reveal whether an owner has marketable title and will suggest curative measures to owners with title defects.