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.