OVERRIDING ROYALTY. Any and all reservations or assignments or overriding royalties shall be subject to approval by Lessor. The total of said overriding royalties shall not exceed five percent (5%), including any overriding royalty previously provided for unless production exceeds a monthly average of fifteen (15) barrels per day or ninety thousand cubic feet of gas per day (90 MCF/D). In the event production drops to this amount or less, any overriding royalties which exceed five percent (5%) may be suspended. Lessor's approval of a reservation or assignment of an overriding royalty shall not bind Lessor for payment of said overriding royalty and shall not relieve Lessee of any of its obligations for payment of royalties to Lessor as provided by ROYALTY paragraphs herein.
OVERRIDING ROYALTY. 2.1 There is hereby reserved to and owned by Grantee, an overriding royalty of five (5%) percent of the wellhead value on that portion of Petroleum Substances attributable to the interest of Grantor in the Royalty Lands (understood by Grantor to be as set out in Schedule "A" hereto) produced, saved and marketed from each well producing from the Royalty Lands each month during the term of the Title Documents.
OVERRIDING ROYALTY. Xxxxx will be paid a royalty of $0.05 per ton of coal mined and sold from Employer properties as referenced in the Overriding Royalty Agreement(s) executed by Employer and Xxxxx of even date herewith (collectively, the “Overriding Royalty Agreement”).
OVERRIDING ROYALTY. A royalty interest in oil and gas and other minerals produced at the wellhead in addition to the usual landowner's royalty reserved to the lessor.
OVERRIDING ROYALTY. [Article 5.00] This optional Article 5.00 will X / will not __ apply herein.
OVERRIDING ROYALTY. The parties acknowledge that all Assignments shall include a reservation by Nytis of a two percent (2%) overriding royalty interest on all Leases.
OVERRIDING ROYALTY. The Royalty Owner reserves to itself a 5.75% overriding royalty interest in 87% of the Petroleum Substances produced, or deemed to be produced from the Royalty Lands (resulting in a 5.0025% overriding royalty based on 100% of production) (the “Overriding Royalty”) as described in Article 2.00 of the Overriding Royalty Procedure.
OVERRIDING ROYALTY. Sublessee shall pay to Sublessor an overriding royalty (“Overriding Royalty”), in addition to Production Royalty, for each ton of Subleased Coal mined and removed from the Subleased Premises, and sold, in the amount equal to the difference between (i) the greater of $5.00 per ton or seven percent (7.0%) of Gross Selling Price, as defined in the Base Lease, minus (ii) the Production Royalty payable with respect to such Subleased Coal. Overriding Royalty shall be calculated and determined in the same manner as such Production Royalty is required to be calculated under the Base Lease.
OVERRIDING ROYALTY. Xxxxxx will be entitled to a one percent (1%) overriding royalty interest (“ORRI”) on all xxxxx and leases acquired by the Company during the term of this Agreement. Xxxxxx hereby waives his right to receive an ORRI in the xxxxx and leases acquired by the Company effective October 1, 2009 (known as the Church properties) and effective December 1, 2009 (known as the Xxxxx properties); provided, that if the Company repurchases such properties after the date hereof Xxxxxx shall be entitled to the ORRI. The ORRI will be assigned to Xxxxxx free and clear of all liens and the Company will have no interests in the ORRI once assigned.
OVERRIDING ROYALTY. Seller will reserve from its assignment of the Assets (the "Assignments") an overriding royalty of 2% of 8/8ths, proportionately reduced and payable to Seller in the proportion that the interests in the Leasehold Property assigned by Seller to Purchaser as a result of the transaction contemplated by this Agreement bears to the entire leasehold estate, of all oil, gas and other minerals attributable to the Leasehold Property and produced, saved and marketed from, or attributable to: (i) New Wellx, xx such term is defined hereinafter; and/or (ii) wellx xxxlled to the Cayenne Prospect, as such term is defined hereinafter (the "Overriding Royalty"). The Overriding Royalty shall burden the Assets and be paid by Purchaser to Seller in accordance with the terms of Exhibit "H" (Record Title Assignment) and Exhibit "H-1" (General Assignment). For the purposes of this section, the term "New Wellx" xx defined as wellx xxxch are spud on or after January 1, 2001, and which subsequently meet the requirements of qualifying under 30 CFR 250.111 as a wellx xxxable of production. It is understood and agreed by the Parties that the term "New Wellx" xxes not include wellx xxxsting or commenced prior to January 1, 2001, or the recompletion, sidetracking, deepening or other use of such wellx, whether or not such wellx xx wellbores are currently productive. For the purposes of this section, the "Cayenne Prospect" is defined as from the surface of the earth through 100' below the stratigraphic equivalent of the "O" Sand within the geographic confines of the Joint Development Area. For the purposes of this section, the "O" Sand is defined as the stratigraphic equivalent of that certain sand reservoir as seen and encountered on the electric log for the South Timbxxxxx Xxxxx 00, XXX-X 00000 Xx. X-0 Xxxl, having a top of sand at 11,860' (measured depth) and a base of sand at 12,010' (measured depth). For the purposes of this section, the Joint Development Area is defined as that geographic area as depicted on Exhibit "O" hereto (the "Plat"). The Parties recognize that the Plat is intended to conform to the plat which is ultimately attached as Exhibit "B" to the Joint Development Agreement to be entered into among the Parties and El Paso Exploration GOM Inc. (the "JDA"). In the event the plat attached to the JDA, as executed (the "JDA Plat"), varies from the Plat, the Parties agree that the Plat shall be amended to conform to the JDA Plat, and the Overriding Royalty shall be amended a...
