Royalty interest owner definition

Royalty interest owner means a person or the estate of a person, other than a working interest owner, who owns the right to or interest in any portion of the oil and/or gas, or proceeds from the sale thereof, from a tract.
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Royalty interest owner means the owner of an interest in oil or gas, or in the proceeds of production from the oil or gas who does not have the obligation to share in the expenses of developing and operating the property.
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Royalty interest owner means a Party owning a Royalty Interest;
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Examples of Royalty interest owner in a sentence

  • The Working Interest Owner in each Tract shall account to the Royalty Interest Owner in that Tract, in accordance with clause 6.1, for any royalty payable or deliverable to that Royalty Interest Owner in respect of the Production Allocation Substances allocated to that Tract pursuant to clause 4.2.

  • The Working Interest Owner in each Tract shall calculate the royalty for that Tract: on the total amount of Production Allocation Substances produced from the Well, and at the rate under the Lease or pursuant to the Mines and Minerals Act, as the case may be, and shall pay or deliver to the Royalty Interest Owner in the Tract a royalty share of production based on the amount of Production Allocation Substances allocated to the Tract.

  • For a Lease of which the Crown is both the lessor and the Royalty Interest Owner, if the Well is not producing Production Allocation Substances at the time a Lease reaches its term expiry, the lessee must apply to the Crown for continuation of such Lease under the relevant legislation.

  • A Party is a Working Interest Owner or Royalty Interest Owner who is bound by the agreement.


More Definitions of Royalty interest owner

Royalty interest owner means the owner of an interest in oil and gas that does not presently entitle the owner to explore, drill or otherwise develop those minerals, including lessors, royalty interest owners and overriding royalty interest owners. Royalty interests are non-cost bearing.
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Royalty interest owner means the owner of an interest in oil or gas, or in the
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Royalty interest owner means a person owning a royalty interest.
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Royalty interest owner means any individual who retains a non-working interest in oil or gas production.
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Royalty interest owner means a person who has a right to a share of production or a
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Royalty interest owner means any individual person who
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Related to Royalty interest owner

  • Royalty Interest is defined in Section 1.01.

  • Overriding Royalty Interest means an interest in the natural gas and oil produced under a Lease, or the proceeds from the sale thereof, carved out of the Working Interest, to be received free and clear of all costs of development, operation, or maintenance.

  • Working interest owner means a person or the estate of a person who owns an interest in oil and/or gas in the unit area by virtue of a lease, operating agreement, fee title, or otherwise, including a carried interest, the owner of which is obligated to pay, either in cash or out of production or otherwise a portion of the unit expense. “Working interest owner” does not include an unleased mineral owner.

  • Royalty owner means any owner of oil and gas in place, or oil and gas rights, to the extent that the owner is not an operator as defined in subsection (17) of this section;

  • Consenting working interest owner means any working interest owner who enters into an agreement with SWN pertaining to the operation of the Posey B Unit.

  • Non-consenting working interest owner means a working interest owner who does not enter into an agreement with Ascent pertaining to the operation of the Pointer W CRC JF Unit. At the time of this order, there are no non-consenting working interest owners identified by Ascent.

  • NSR means net smelter return.

  • Contributor means Licensor and any individual or Legal Entity on behalf of whom a Contribution has been received by Licensor and subsequently incorporated within the Work.

  • Lot Owner means a declarant or other person who owns a lot, or a lessee of a lot in a leasehold planned community whose lease expires simultaneously with any lease the expiration or termination of which will remove the lot from the planned community, but does not include a person having an interest in a lot solely as security for an obligation.

  • Leasehold interest means the interest of the lessor or the lessee under a lease contract.

  • Purchased Interest means, at any time, the undivided percentage ownership interest of the Purchasers in: (a) each and every Pool Receivable now existing or hereafter arising, (b) all Related Security with respect to such Pool Receivables and (c) all Collections with respect to, and other proceeds of, such Pool Receivables and Related Security. Such undivided percentage ownership interest shall be computed as:

  • Net estate means the gross estate less those items specified in Iowa Code section 450.12 as deductions in determining the net shares of property of each heir, beneficiary, surviving joint tenant, or transferee. In re Estate of Waddington, 201 N.W.2d 77 (Iowa 1972). The total of all net shares of an estate must equal the total of the net estate.

  • Contributed Assets shall have the meaning as set forth in Section 2.2.

  • Project Owner means the legal entity that ultimately owns the Project and to which Tax Credits will be allocated.

  • Undeveloped Property means all Assessor’s Parcels of Taxable Property which are not Developed Property.

  • Seller’s Interest means, at any time, a “seller’s interest” as defined in, and calculated in accordance with, Regulation RR.

  • Timber owner means any person having all or any part of the legal interest in timber. Where such timber is subject to a contract of sale, "timber owner" shall mean the contract purchaser.

  • Subject Property means any premises located in the County on which an energy efficiency improvements, water efficiency improvements, or renewable resource applications are being or have been made and financed through an outstanding PACE loan.

  • Deemed Partnership Interest Value means, as of any date with respect to any class of Partnership Interests, the Deemed Value of the Partnership Interests of such class multiplied by the applicable Partner's Percentage Interest of such class.