Common use of OIL ROYALTY Clause in Contracts

OIL ROYALTY. 5.01 Lessee shall pay to Department, as royalty, EIGHTEEN PERCENT (18%) of the field price per barrel (42 U.S. Gallons) at 60° F, produced and saved from the leased premises for all oil, condensate and other liquid hydrocarbons of like grade and gravity which prevails in that area on the day such oil and other products are run into the pipeline or into storage tanks; the amount to be paid to Department will be the EIGHTEEN PERCENT (18%) royalty multiplied by the fractional interest held by Department.

OIL ROYALTY. 5.01 Lessee shall pay to Department, as royalty, EIGHTEEN SIXTEEN PERCENT (1816%) of the field price per barrel (42 U.S. Gallons) at 60° F, produced and saved from the leased premises for all oil, condensate and other liquid hydrocarbons of like grade and gravity which prevails in that area on the day such oil and other products are run into the pipeline or into storage tanks; the amount to be paid to Department will be the EIGHTEEN SIXTEEN PERCENT (1816%) royalty multiplied by the fractional interest held by Department.