Overriding royalty definition

Overriding royalty means a payment from gross revenues to a party other than the owner of oil and gas mineral rights of a Prospect.

Overriding royalty means a royalty interest which is usually reserved by an owner of the leasehold in connection with a transfer to a subsequent owner.

Overriding royalty means an interest in the gross revenues or production over and above the landowner’s royalty carved out of the working interest and also unencumbered with any expenses of operation, development or maintenance.

Examples of Overriding royalty in a sentence

• The Royalty Owner shall be entitled to and shall have a first and paramount lien upon the Grantor's share of all Petroleum Substances from time to time produced from the Royalty Lands to secure the payment of the Overriding Royalty.

• The Royalty Owner shall have the right to audit the records of the Grantor insofar as they relate to any matter or items required to determine the accuracy of any statements or payments with respect to the Overriding Royalty.

• Any Overriding Royalty exemption as aforesaid shall be restricted to that portion of production used as fuel for heaters, treaters, compressors, separators, instruments and similar equipment required to produce Petroleum Substances.

• If the Royalty Owner transfers, assigns or otherwise disposes of any part of its interest hereunder to more than one party, it shall ensure that one of the parties to whom such disposition is made shall be nominated to receive the payment of the Overriding Royalty on behalf of all such parties and until written notice of such nomination is received by the Grantor, the Grantor shall be entitled to continue to make payments of the Overriding Royalty to the Royalty Owner.

• The Grantor shall not be granted any Overriding Royalty exemption from the production of Petroleum Substances used for reservoir injection or pressure maintenance, secondary and heavy oil recovery or upgrading schemes, or fuel and/or feedstock for any gas plant, refinery, satellite or multi-well battery.

More Definitions of Overriding royalty

Overriding royalty means the overriding royalty granted pursuant to Clause 2 hereof;

Overriding royalty means a periodic payment made by a person (other than a dividend) to the extent to which it is directly or indirectly calculated by reference to the profitability, output or natural resources extracted by the person or an associate of the person;

Overriding royalty means the royalty reserved to Grantee pursuant to article 2 hereof;

Overriding royalty means an interest carved out of the leasehold or out of the working

Overriding royalty of an overriding royalty payment for each ton (2,000 pounds) of Coal mined, removed, and sold from the Property in the sum of: (i) FIVE DOLLARS AND NO CENTS ($5.00) per ton for each ton of Coal mined, removed, and sold by GRANTEE, its successors and assigns, in excess of ONE MILLION SIX HUNDRED SIXTY THOUSAND EIGHT HUNDRED FIFTY (1,660,850) tons collectively mined, removed, and sold from those certain tracts of the Property conveyed and leased to GRANTEE under the (a) Cyprus #9 Deed and the (b) Cyprus Creek #9 Lease; and, (ii) THREE DOLLARS AND TWENTY-FIVE CENTS ($3.25) per ton for each ton of coal mined, removed, and sold the Property in excess of ONE MILLION FIVE HUNDRED THIRTY-NINE THOUSAND ONE HUNDRED FIFTY (1,539,150) tons collectively mined, removed, and sold from those certain tracts of the Property leased and subleased to GRANTEE under the (a) Xxxxxx #9 Sublease and the (b) Cyprus Creek & Xxxxxx #9 Lease and Sublease. The Overriding Royalty shall be evidenced by the Overriding Royalty Agreement and the Short Form Memorandum thereof, all in same form attached hereto as Exhibit K, to be executed and delivered by Buyer to Seller at the Closing. The Cash Payment shall be made by wire or interbank transfer, to such account as Seller may designate, in immediately available funds and evidence thereof shall be attached hereto as Exhibit O.

Overriding royalty means an interest carved out of the leasehold or out of the working interest and is not included within the meaning of royalty;

Overriding royalty means a share of production, free of the costs of production, carved out of the lessee's interest under an oil and gas lease;