King Washington Term Royalty Deed that Terminates Upon Expiration of Lease
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FAQ
When minerals are produced from a leased property, the owner is usually paid a share of the production income. This money is known as a "royalty payment." The amount of the royalty payment is specified in the lease agreement.
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.
Essentially, the shut-in royalty provision allows a lessee to temporarily cease production (i.e., shut-in a well) and pay a shut-in royalty to the lessor in place of the royalty on production that is not occurring during the shut-in period.
Common examples of royalties Book royalties: publishers pay authors for the right to sell and distribute their books. Mineral royalties: companies pay landholders for the right to take minerals from their property.
A mineral interest owner also possesses the right to receive lease bonuses, delay rental payments, shut-in payments and royalties. A royalty interest, on the other hand, is the property interest created that entitles the owner to receive a share of the production.
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.
The primary term of a federal oil and gas lease is 10 years. The term is extended as long as the lease has at least one well capable of production. Leases do not authorize ground disturbance.
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.
Royalty in Kind means that a Royalty Owner takes its royalty share of production in specie, that is, in gas itself, as opposed to the payment of the value of its royalty share in money.
For a producing well, royalties could easily be 10 to 20 times the bonus payment in the first year of production alone. Private landowners are normally offered the standard royalty of 1/8 share of production.
