Royalty definition

Royalty means an interest in an oil and gas lease that gives the owner of the interest the right to receive a portion of the production from the leased acreage (or of the proceeds of the sale thereof), but generally does not require the owner to pay any portion of the costs of drilling or operating the wells on the leased acreage.

Royalty has the meaning set forth in Section 3.1 herein.

Royalty means an interest, including an overriding royalty and a net profits interest, in gross production or the proceeds therefrom which does not require the owner thereof to bear any of the cost of production, development, operation or maintenance.

Examples of Royalty in a sentence

• Payee, including its successors and assigns, have and shall have the right to transfer the whole or any portion of its interest in the Royalty at any time, provided that no such transfer or assignment shall be valid unless Payee first notifies Payor in writing of its intent to make such transfer or assignment.

• The Payor hereby conveys to the Payee a royalty interest (the "Royalty") on any and all Minerals Produced or Extracted from the Property in an amount of three percent (3%) of the Gross Value of Minerals actually produced and sold from the Properties.

• Along with each payment, Payor shall include a written report detailing the calculation of the Royalty payment.

• The Royalty obligations shall continue for so long as the Optionee, or any successor or assignee thereof or any transferee of the Properties, shall have any interest in the Properties.

• The following definitions and description of the rights and obligations relate to the granting and payment of the Royalty reserved unto the Optionor pursuant to that certain Letter Agreement dated January 11, 2022 to which this Schedule "B" is attached.

More Definitions of Royalty

Royalty has the meaning set forth in Section 4.1.

Royalty has the meaning set forth in Section 5.1.

Royalty has the meaning set forth in Section 2(a).

Royalty shall have the meaning ascribed in Section 4 below.

Royalty. ’ means any payment based on the value or volume of production which is due to the United States or an Indian tribe or an Indian allottee on production of oil or gas from the Outer Continental Shelf, Federal, or Indian lands, or any minimum royalty owed to the United States or an Indian tribe or an In- dian allottee under any provision of a lease;

Royalty means any amount, paid in money or in kind, in respect of Mines and Minerals produced by a Person holding an Existing Mineral Right, but not including any payment made for a service, for the creation of special purposes funds, for the issuance of a right or interest or for the granting of an approval or authorization, any payment required regardless of the ownership of the Mines and Minerals, or any payment for incentives.

Royalty means a payment from gross revenues made to the owner of the oil and gas mineral rights of a Prospect.