This form is used to resolve any question as to how royalty is to be paid to the Parties in the event of production, under the Lease, on any part of the Lands. The Parties are entering into this Agreement to stipulate and agree to the ownership of each Party's respective share of the royalty reserved in the Lease payable for production attributable to their Interests from a well located anywhere on the Lands.
The Kings New York Agreement is a legal document that governs the payment of nonparticipating royalties for segregated tracts covered by a single oil and gas lease in New York State. This agreement is specifically designed to address the distribution of royalties to nonparticipating owners who are entitled to a share of the revenue generated from the extraction and production of oil and gas. Under the Kings New York Agreement, nonparticipating owners are individuals or entities who do not hold an interest in the oil and gas lease but own the surface or subsurface rights of the segregated tracts covered by the lease. This agreement ensures that these nonparticipating owners receive their fair share of the royalties, which are typically determined based on a percentage of the production value. The Kings New York Agreement provides a comprehensive framework for calculating and distributing the nonparticipating royalties in a fair and equitable manner. It outlines the criteria for determining the segregated tracts and the allocation of production from each tract. This agreement also establishes the payment schedule, which could be monthly, quarterly, or annually, depending on the terms specified in the lease. Different types of the Kings New York Agreement may be categorized based on the specific circumstances and variations in the lease terms. For example, there could be agreements governing the payment of nonparticipating royalties under segregated tracts covered by a single oil lease, or separate agreements for gas leases. Additionally, the terms of these agreements may differ based on the duration of the lease, the geographical location of the tracts, or the methods of extraction used. In conclusion, the Kings New York Agreement is a crucial legal framework that ensures fair payment of nonparticipating royalties to owners of segregated tracts covered by a single oil and gas lease in New York State. Through this agreement, nonparticipating owners can receive their rightful share of the revenue generated from the extraction and production of oil and gas, providing them with a fair and equitable return on their surface or subsurface rights.The Kings New York Agreement is a legal document that governs the payment of nonparticipating royalties for segregated tracts covered by a single oil and gas lease in New York State. This agreement is specifically designed to address the distribution of royalties to nonparticipating owners who are entitled to a share of the revenue generated from the extraction and production of oil and gas. Under the Kings New York Agreement, nonparticipating owners are individuals or entities who do not hold an interest in the oil and gas lease but own the surface or subsurface rights of the segregated tracts covered by the lease. This agreement ensures that these nonparticipating owners receive their fair share of the royalties, which are typically determined based on a percentage of the production value. The Kings New York Agreement provides a comprehensive framework for calculating and distributing the nonparticipating royalties in a fair and equitable manner. It outlines the criteria for determining the segregated tracts and the allocation of production from each tract. This agreement also establishes the payment schedule, which could be monthly, quarterly, or annually, depending on the terms specified in the lease. Different types of the Kings New York Agreement may be categorized based on the specific circumstances and variations in the lease terms. For example, there could be agreements governing the payment of nonparticipating royalties under segregated tracts covered by a single oil lease, or separate agreements for gas leases. Additionally, the terms of these agreements may differ based on the duration of the lease, the geographical location of the tracts, or the methods of extraction used. In conclusion, the Kings New York Agreement is a crucial legal framework that ensures fair payment of nonparticipating royalties to owners of segregated tracts covered by a single oil and gas lease in New York State. Through this agreement, nonparticipating owners can receive their rightful share of the revenue generated from the extraction and production of oil and gas, providing them with a fair and equitable return on their surface or subsurface rights.
