Queens New York Stipulation Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• County: Queens
• Control #: US-OG-622
• Format: Word; Rich Text

Description

This form is used when the parties own nonparticipating royalty interests in various tracts of land. The Lease covers all of the lands owned by the parties. 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 Stipulation to stipulate and agree to the ownership of each party's respective share of the royalty reserved in the lease. Queens, New York is a borough located on Long Island, known for its diverse neighborhoods, cultural attractions, and historical significance. While the phrase "Stipulation Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease" is not directly related to Queens, New York, it pertains to specific legal terms. Here, we will define these terms and provide an overview of the potential types of stipulations under this topic. 1. Queens, New York: Queens is one of the five boroughs of New York City, situated on Long Island. It is known for its ethnic diversity, residential neighborhoods, parkland, and cultural institutions. It has famous landmarks like Flushing Meadows-Corona Park, the USTA Billie Jean King National Tennis Center, and Citi Field, where the New York Mets play. 2. Stipulation: A stipulation is a formal agreement or condition that binds parties involved in legal matters. In this context, it pertains to the terms and conditions governing the payment of nonparticipating royalty under an oil and gas lease. 3. Payment of Nonparticipating Royalty: A nonparticipating royalty refers to a financial share or an interest in profits from the production of oil and gas reserves. It is held by someone who does not partake in operations but retains the right to receive compensation. 4. Segregated Tracts: Segregated tracts refer to portions or divisions of land that have been distinguished for specific purposes, such as leasing for oil and gas exploration. Tracts may be segregated based on geological formations or ownership boundaries. 5. Oil and Gas Lease: An oil and gas lease is a legal agreement between the mineral rights' owner (lessor) and an energy company (lessee) that grants the lessee the right to explore, produce, and extract oil and gas reserves from a specific tract of land. The lease establishes terms related to exploration activities, royalties, payments, and other obligations. Regarding the different types of Queens New York Stipulation Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease, there may not be specific types categorized under this specific description. However, variations could arise depending on factors such as lease terms, landowner agreements, and applicable state or local regulations. In conclusion, while the phrase "Stipulation Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease" does not pertain directly to Queens, New York, this description provides an understanding of the individual components involved. It is essential to consult legal experts, industry professionals, or relevant documentation for detailed and accurate information regarding specific stipulations governing such tracts in Queens, New York, or elsewhere.

Queens, New York is a borough located on Long Island, known for its diverse neighborhoods, cultural attractions, and historical significance. While the phrase "Stipulation Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease" is not directly related to Queens, New York, it pertains to specific legal terms. Here, we will define these terms and provide an overview of the potential types of stipulations under this topic. 1. Queens, New York: Queens is one of the five boroughs of New York City, situated on Long Island. It is known for its ethnic diversity, residential neighborhoods, parkland, and cultural institutions. It has famous landmarks like Flushing Meadows-Corona Park, the USTA Billie Jean King National Tennis Center, and Citi Field, where the New York Mets play. 2. Stipulation: A stipulation is a formal agreement or condition that binds parties involved in legal matters. In this context, it pertains to the terms and conditions governing the payment of nonparticipating royalty under an oil and gas lease. 3. Payment of Nonparticipating Royalty: A nonparticipating royalty refers to a financial share or an interest in profits from the production of oil and gas reserves. It is held by someone who does not partake in operations but retains the right to receive compensation. 4. Segregated Tracts: Segregated tracts refer to portions or divisions of land that have been distinguished for specific purposes, such as leasing for oil and gas exploration. Tracts may be segregated based on geological formations or ownership boundaries. 5. Oil and Gas Lease: An oil and gas lease is a legal agreement between the mineral rights' owner (lessor) and an energy company (lessee) that grants the lessee the right to explore, produce, and extract oil and gas reserves from a specific tract of land. The lease establishes terms related to exploration activities, royalties, payments, and other obligations. Regarding the different types of Queens New York Stipulation Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease, there may not be specific types categorized under this specific description. However, variations could arise depending on factors such as lease terms, landowner agreements, and applicable state or local regulations. In conclusion, while the phrase "Stipulation Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease" does not pertain directly to Queens, New York, this description provides an understanding of the individual components involved. It is essential to consult legal experts, industry professionals, or relevant documentation for detailed and accurate information regarding specific stipulations governing such tracts in Queens, New York, or elsewhere.