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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. The Texas Supreme Court recently released its opinion in Van Dyke v.
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[.]” To rebut this presumption, attorneys have made various novel arguments, but none have proven successful to date. Montgomery, Tr.
Investing in oil and gas royalties 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 gas royalties 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.
BTA Oil Producers , No. James Boldrick is an assignee of an overriding royaltyinterest in property subleased to BTA. BTA, the assignor and creator of Boldrick’s interest, elected non-consent status regarding the well at issue, proposed and drilled by Chevron. By Marie Carlisle: Boldrick v. Eastland March 22, 2007).
As was the case in 2012, this proposed amendment would also extend this direct payment requirement to any overriding royaltyinterests burdening the nonparticipating owner’s lease. In turn, the nonparticipating owner is responsible for its own lease burdens.
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. In Humble Oil & Refining Co.
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.
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. In the first, Eagle Oil & Gas Co. TRO-X, L.P. , 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.
the Louisiana Second Circuit upheld a trial court’s ruling that the holder of a security interest in mineral leases was solidarily liable for damages under the Louisiana Mineral Code stemming from its mineral lessees/mortgagors’ actions. [1] in unpaid royalties and an additional double damages penalty of $484,058.52 4] $242,029.26
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. In the first, Eagle Oil & Gas Co. TRO-X, L.P. , TRO-X, L.P. ,
Many LLC operating agreements provide for the issuance of additional membership interests or units, but may not provide for the issuance of a different class of membership interests or units. Other SMBs are organized as corporations under state law.
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