West Virginia Term Royalty Deed that Terminates Upon Expiration of Lease

• Category: Oil Gas and Minerals - Deeds
• State: Multi-State
• Control #: US-OG-046
• Format: Word; Rich Text

Description

This form provides for a conveyance of royalty for a limited period of time. The interest conveyed terminates and reverts to the Grantor when the identified oil and gas lease terminates.

The West Virginia Term Royalty Deed that Terminates Upon Expiration of Lease is a legal document that outlines the agreement between a landowner and an oil or gas company for the extraction of natural resources from the land. This type of deed is specific to West Virginia and is commonly used in the state's oil and gas industry. When signing a West Virginia Term Royalty Deed, the landowner grants the oil or gas company the right to access and extract resources from the land for a specified period of time. This period is typically defined by the length of the lease agreement. The deed also includes provisions for the payment of royalties, which are a percentage share of the profits obtained from the extracted resources. The distinguishing feature of this type of royalty deed is that it automatically terminates upon the expiration of the lease. This means that once the agreed-upon lease period ends, the landowner regains full control and ownership of the land and its resources. There are different types of West Virginia Term Royalty Deeds that may be used, depending on the specific terms and conditions agreed upon by the parties involved. Some common variations include: 1. Fixed-term Royalty Deed: This type of deed grants the oil or gas company the right to extract resources from the land for a predetermined period of time, typically ranging from one to five years. Once the lease expires, the deed is automatically terminated, and the landowner regains full control over the land. 2. Evergreen Royalty Deed: In an evergreen royalty deed, the lease agreement automatically renews at the end of each term unless either party provides notice of termination. This type of deed provides more flexibility for both the landowner and the oil or gas company, as they can revise and update the terms of the lease agreement periodically. 3. Perpetual Royalty Deed: A perpetual royalty deed grants the oil or gas company indefinite rights to extract resources from the land. Unlike fixed-term or evergreen deeds, this type of deed does not have a specific expiration date. However, it may include provisions for the termination of the agreement under certain circumstances, such as non-compliance with specified production levels or failure to pay royalties. In conclusion, the West Virginia Term Royalty Deed that Terminates Upon Expiration of Lease is a legal document specific to the state's oil and gas industry. It grants the oil or gas company the right to extract resources from the land for a specified period, with the deed automatically terminating upon the expiration of the lease. Different variations of this type of deed exist, including fixed-term, evergreen, and perpetual deeds.