Record Title Interest definition

Record Title Interest means an ownership interest in a federal lease that (a) applies as to all depths, (b) includes the right to unitize, relinquish and terminate the federal lease and (c) is a Working Interest except as to any depths covered by Operating Rights.
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Record Title Interest means an ownership interest in a federal lease that
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Record Title Interest means a lessee’s interest in a lease which includes the obligation to pay rent, and the rights to assign and relinquish the lease; and “Operating Rights” means the interest created out of a lease authorizing the holder of that right to enter upon the lease lands to conduct drilling and related operations, including the production of oil or gas from such lands in accordance with the terms of the lease, but does not include record title interests to such leases. This Assignment is made, executed, and delivered without covenant or warranty of title, either express, implied or statutory, even as to a return of the purchase price, except that Assignor warrants title to the Leases and ▇▇▇▇▇ unto Assignee, its successors and assigns, from and against all transfers, conveyances, assignments, liens or encumbrances affecting the Assets arising by, through or under Assignor’s own acts, and with full substitution and subrogation in and to all rights and actions of warranty of title which Assignor has or may have against all preceding owners and vendors, except to the extent any such warranty is not transferrable or is subject to a transfer fee or similar payment (unless Assignee assumes responsibility for such transfer fee or similar payment) (“Special Warranty of Title”). Assignee acknowledges that the Assets have been used for oil and gas exploration, drilling, producing, treating and transportation operations, related oil field operation and possibly the storage and disposal of waste materials incidental to, or occurring in connection with, such operations and that physical changes in the land and/or water bottoms may have occurred as a result of such uses. Assignee further acknowledges that there is a possibility that there are currently unknown, abandoned ▇▇▇▇▇, plugged ▇▇▇▇▇, pipelines and other equipment on or underneath the property subject to the Assets. Additionally, Assignee acknowledges that the Assets may contain asbestos, hazardous substances, or Naturally Occurring Radioactive Material (“NORM”). NORM may affix or attach itself to the inside of ▇▇▇▇▇, materials, and equipment as scale or in other forms; ▇▇▇▇▇, materials and equipment located on the Lease or included in the Assets may contain NORM; and NORM containing material may have been buried or otherwise disposed on the Lease or Assets. Assignee acknowledges that special procedures may be required for remediating, removing, transporting and disposing of asbestos, NORM, hazardous substances and other...
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Examples of Record Title Interest in a sentence

  • The Record Title Interest conveyed to Ridgewood shall otherwise be free and clear of any other overriding royalty interests, production payments, or other burdens on production, subject to a special limited warranty of title.

  • The Record Title Interest conveyed to Ridgewood will be subject to its proportionate share of the lessor’s royalty and its proportionate share of an overriding royalty interest equal to 2% of 6/6 to be reserved in favor of Newfield in the Assignment.

  • This Assignment of Record Title Interest is made free and clear of all burdens and encumbrances on the Lease, except for the lessor’s royalty and those existing burdens and encumbrances set forth in Exhibit “A” attached hereto and is delivered and accepted without any warranty of title, express or implied, except as to persons lawfully claiming by, through or under Assignors, but not otherwise, or other representations or warranties.

  • This Assignment of Record Title Interest is subject to the approval of the Minerals Management Service of the United States Department of the Interior and/or any other governmental department or agency having jurisdiction, which approval(s) Assignee shall earnestly seek to secure by promptly filing this Assignment of Record Title Interest with the appropriate offices of same.

  • Surge Prospect Participation Agreement 23 This Assignment of Record Title Interest is subject to that certain Participation Agreement dated effective August 1, 2008 by and between Assignors and Assignee and that certain Operating Agreement dated effective _________ 1, 2008 by and between Assignors and Assignee and [here insert name, if applicable].

  • ASSIGNMENT OF RECORD TITLE ------------------------------------------ At such time as the ITW is drilled to Casing Point and Ridgewood has satisfied the monetary obligations set forth in Articles 1 and 2 above, LLOG shall execute and deliver to Ridgewood an Assignment of Record Title Interest delivering to Ridgewood a 50% Record Title Interest in each Lease so earned.

  • Within three (3) business days from receipt of the Sunk Land Costs, LLOG shall execute and deliver to Ridgewood an Assignment of Record Title Interest delivering to Ridgewood a 50% of 6/6ths Record Title Interest in the Redacted Lease.

  • Title Interest in Federal OCS Oil and Gas Lease, effective July 1, 2009, from ATP Oil & Gas Corporation, as Assignor, to ▇▇▇▇▇ Offshore, L.P. (“▇▇▇▇▇”) and ▇▇▇▇▇▇▇▇ Production Company, LLC (“▇▇▇▇▇▇▇▇”), as Assignees, which conveyed a 26.68750% Record Title Interest in OCS-G 33246 to ▇▇▇▇▇ and an 18.00000% Record Title Interest in OCS-G 33246 to ▇▇▇▇▇▇▇▇, subject in each case to the GC 344 AMI Agreement and the GC 344 ORRI Assignment.

  • This Assignment of Record Title Interest in Federal OCS Oil and Gas Lease shall merely evidence the conveyance and assignment of record title interest herein made and shall not constitute any additional conveyance or assignment of the Assets.

  • An undivided one hundred percent (100%) of the Record Title Interest in and to OCS-G 13928.


More Definitions of Record Title Interest

Record Title Interest. None Working Interest (GA 389): None Overriding Royalty Interest (GA 389): 1.00000% An undivided one percent (1%) of six-sixths (6/6ths) overriding royalty interest in and to OCS-G 17133. *WEST DELTA BLOCK 58
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