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Ohio’s Seventh District Court of Appeals recently held that an “anti-washout” provision found in multiple assignments of overriding royaltyinterests covering leases that subsequently expired was not binding on the original lessee’s assignees, which had taken new leases to those same lands, as there was no privity of contract.
In the context of antiquated oil and gas conveyances including a double fraction that includes “one-eighth,” the Court affirmed this principle by holding that such language gives rise to a rebuttable presumption that “one-eighth” refers to the entire mineral estate. Dawkins , 483 S.W.3d Element Petroleum Props., 11-21-00103-CV (Tex.
Travis Lattner, Jr., “a non-participating royalty of one-fourth (1/4th) of the landowner’s usual one-eighth (1/8th) royalty on oil and gas produced and saved from said land[.]” By way of background, in 1955 J.D. and Elva Arthur conveyed to W. By way of background, in 1955 J.D. and Elva Arthur conveyed to W.
Investing in oil and gasroyalties involves purchasing the rights to receive a portion of the revenue generated from the production and sale of oil and gas from a particular property or lease. Passive Income : Oil and gasroyalties can provide investors with a source of passive income.
2023), in which it held that lessees owed royalties in excess of their gross proceeds, specifically “adding back” costs incurred by third-party buyers that were enumerated in the sales contract and subtracted from the sales price. The lessees owned working interests in certain oil and gas leases that were executed in 2007.
The Plaintiff sold land to a third party and reserved a 1/8 royalty nonparticipating royaltyinterest (fixed royalty language). Continue reading The post Fixed vs. Floating Royalty Considered by Texas Supreme Court appeared first on Texas Oil and Gas Attorney Blog. ConocoPhillips Co.,
The current proposed bill, however, would require operators to remit all royalty payments directly to the lessors on behalf of nonparticipating working interest owners prior to well payout, i.e., during the recoupment of costs, and the statutorily authorized risk charge.
The deed severed the mineral estate from the surface estate, with Myers-Woodward LLC (“Myers”) now owning the surface estate and a 1/8th non-participating royaltyinterest in minerals. As I recently summarized in my annual oil and gas law review (Austin W. Anadarko E&P Onshore, LLC , 520 S.W.3d 3d 39 , 47 (Tex.
Dunn-McCampbell RoyaltyInterest Inc. The Texas law made an exception for the use of the surface of the land for the reasonable development of oil, gas, and other minerals – including the right of ingress and egress. Nat’l Park Serv. , 09-40187 (5th Cir.
Tyler 5/5/2010), the Tyler Court of Appeals upheld a trial court’s findings of fact and conclusions of law with respect to the termination of an oil and gas lease for failure to pay shut-in royalty payments to the proper party. Van Hovenberg (“Van Hovenberg”) conveyed by royalty deed to O.B. Circle Ridge Production, Inc. ,
10] First, the mortgagee claimed that the trial court erred in its conclusion that the mortgagee was assigned a portion of the working interest in the Lease because the mortgage only granted the mortgagee a security interest in the Lease. [11] Tauren immediately assigned a portion of the overriding royaltyinterest to Wells Fargo.”
The Texas Supreme Court recently released its anticipated opinion in Eagle Oil & Gas Co. TRO-X”) and Eagle Oil & Gas Co. Eagle”) regarding their agreement to jointly acquire and sell oil and gas leases. In the first, Eagle Oil & Gas Co. TRO-X, L.P. , 18-0983, 2021 WL 1045723, at *1 (Tex. TRO-X, L.P. ,
The Texas Supreme Court recently released its anticipated opinion in Eagle Oil & Gas Co. TRO-X”) and Eagle Oil & Gas Co. Eagle”) regarding their agreement to jointly acquire and sell oil and gas leases. In the first, Eagle Oil & Gas Co. TRO-X, L.P. , 18-0983, 2021 WL 1045723, at *1 (Tex. TRO-X, L.P. ,
Recently, when there was talk about Houston-based ATP Oil and Gas’ (ATP) legal problems, it was inevitably about its bankruptcy and its effort to bring the overriding royaltyinterests it had conveyed back into the bankrupt estate as debt instruments. ATP Oil & Gas Corp. , See United States v. 955 F.Supp.2d
Financial Consequences The financial consequences of issuing straight and convertible debt, convertible and non-convertible equity, and equity kickers is complicated and may require the assistance of bankers, accountants and lawyers to determine which technique is the most appropriate for the circumstances.
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