What does overriding royalty mean?

Legal Definition of overriding royalty : an interest in and royalty on the oil, gas, or minerals extracted from another's land that is carved out of the producer's working interest and is not tied to production costs ? compare royalty.

What does overriding royalty mean?

Legal Definition of overriding royalty : an interest in and royalty on the oil, gas, or minerals extracted from another's land that is carved out of the producer's working interest and is not tied to production costs ? compare royalty.

What does overriding royalty mean?

Legal Definition of overriding royalty : an interest in and royalty on the oil, gas, or minerals extracted from another's land that is carved out of the producer's working interest and is not tied to production costs ? compare royalty.

Laredo Texas Mineral, Royalty, and Overriding Royalty Conveyance Deed

Name: Laredo Texas Mineral, Royalty, and Overriding Royalty Conveyance Deed
Brand: US Legal Forms
Rating: 4.81 (440 reviews)

Category:

Texas Court Samples - Oil Gas and Minerals - Deeds

State:

Texas

City:

Laredo

Control #:

TX-C159

Format:

Instant download

This form is available by subscription

Description

Assignor grants and sells to the assignees all mineral rights, royalty rights, and overriding royalty rights acquired by assignor or its predecessors-in-title. The assignment is made with warranty by through and under the Grantor, but no further.

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FAQ

The Bankruptcy Code defines a production payment as a type of ?term overriding royalty? or ?an interest in liquid or gaseous hydrocarbons in place or to be produced from particular real property that entitles the owner thereof to a share of production, or the value thereof, for a term limited by time, quantity, or

Legal Definition of overriding royalty : an interest in and royalty on the oil, gas, or minerals extracted from another's land that is carved out of the producer's working interest and is not tied to production costs ? compare royalty.

Overriding royalty interests are an important financing tool for oil and gas companies involved in the exploration and development of oil gas and mineral interests. For investors, they provide an opportunity to participate in mineral production without incurring the costs.

Mineral rights deeds are not the same as royalty deeds. Royalty deeds do not allow for surface access, or for the initiation of the extraction and sale of minerals. A royalty owner will only benefit economically if the mineral owner decides to produce and sell the minerals.

Like surface interests, mineral interests are passed down by inheritance. If there is a valid will, it controls who gets the property. If not, Texas laws of heirship controls.

Mineral interests are defined by the Texas Property Tax Code as real property and are subject to taxes the same as all other real property.

Mineral rights in Texas are the rights to mineral deposits that exist under the surface of a parcel of property. This right normally belongs to the owner of the surface estate; however, in Texas those rights can be transferred through sale or lease to a second party.

The mineral rights, or interests, after separation from the surface, can be retained or sold as the landowner wishes through a mineral deed or a royalty deed. A deed is also known as a conveyance or reservation.

But, if after 10 years the mineral rights are not being exploited (there is no oil and gas exploration or production), then the mineral rights revert to the new surface owner.

A royalty interest is a non-possessory real property interest in oil and gas production free of production and operating expenses, which may be created by grant or by reservation or exception.