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 or gas, or in the
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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 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

  • 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.

  • 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 N CRC JF Unit. At the time of this order, there are no non-consenting working interest owners identified by Ascent.

  • 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.

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

  • 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.