Mineral owners with producing properties are familiar with receiving oil royalties or natural gas royalties. But what about all of those other product codes on your royalty check? Most commonly, royalty owners refer to themselves as having oil and gas rights or owning oil and gas royalties, but oil and gas are general terms that…
Read more
Why avoid probate? Well, it’s long, it’s costly, and mineral and royalty estates can add some additional challenges, especially if the properties are located in a different state than where the decedent was domiciled. Probate is typically administered where the decedent established their home. The estate is subject to the requirements of that particular jurisdiction.…
Read more
HELPFUL TERMS Listed below are general definitions commonly used in the oil and gas industry: GENERAL OIL & GAS DEFINITIONS ASSIGNMENT The legal instrument whereby Oil and Gas Leases or Overriding Royalty interests are assigned/conveyed. ASSIGNEE The person to whom Oil and Gas Leases or Overriding Royalty are assigned. ASSIGNOR Person conveying Oil…
Read more
HELPFUL TERMS Listed below are descriptions of different oil and gas deeds as well as definitions of estate and probate terminology commonly seen when transferring oil and gas royalties from estates: OIL & GAS DEED TERMINOLOGY JOINT TENANT DEED Transfers undivided co-ownership to two or more people whereby, upon the death of the…
Read more
