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Agreement Designating Agent to Lease Mineral Interests

King Washington Agreement Designating Agent to Lease Mineral Interests

Name: King Washington Agreement Designating Agent to Lease Mineral Interests
Brand: US Legal Forms
Rating: 4.88 (309 reviews)

Category:

Oil Gas and Minerals - Agent Designations

State:

Multi-State

County:

King

Control #:

US-OG-016

Format:

Instant download

Description

This agreement provides for a mineral owner to designate a person as his/her agent for purposes of dealing with third parties, and representing the owner in leasing mineral interests. The agreement sets out, in detail, the lease terms, the compensation to be paid to the agent, and the method of delivering compensation.

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FAQ

Royalty interest in the oil and gas industry refers to ownership of a portion of a resource or the revenue it produces. A company or person that owns a royalty interest does not bear any operational costs needed to produce the resource, yet they still own a portion of the resource or revenue it produces.

One quick and dirty approach is the ?rule of thumb.? Those following the rule of thumb say that mineral rights are worth a multiple of three to five times the yearly income produced. For example, a mineral right that produces $1,000 a year in royalties would be worth between $3,000 and $5,000 under the rule of thumb.

It may appear from the use of the word ?royalty? that X intends to convey to Y a royalty interest?an interest in the share of production. However, the phrase ?in and under? is typically utilized in conjunction with the conveyance or reservation of a mineral interest.

A quick overview of the differences between mineral rights and royalty interests shows a mineral interest is a real property interest obtained by severing the minerals from the surface and a royalty interest grants an owner a portion of the production revenue generated.

What Is A Royalty Deed? A royalty deed gives its holder the right to receive a percentage of the profits from the sale of the minerals, if and when they are actually produced. This kind of legal document does not convey all of the mineral rights to the holder, only the right to receive royalties.

Mineral rights are conveyed ? meaning transferred to a new owner ? through a deed. At the time of the initial conveyance, the property deed will include the separation of the surface and mineral rights. Subsequent land deeds will not reference the mineral rights transfer.

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.

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.

If a seller wishes to retain any mineral interests at closing, the Addendum for Reservation of Oil, Gas, and Other Minerals (TREC 44-2) may be used to accomplish this.

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Acting Crown land agent.

King Washington Agreement Designating Agent to Lease Mineral Interests

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FAQ

What is royalty interest in oil and gas?

How do you value a mineral interest?

What language is typically used to indicate a mineral interest?

What is the difference between the interest and royalty?

What is a royalty deed?

How are mineral rights conveyed?

Is mineral interest the same as royalty interest?

What is the difference between a royalty deed and a mineral deed?

What is a royalty conveyance?

Which form is used when a seller wants to reserve mineral rights in Texas?

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