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What is a nonparticipating mineral interest?

A Non-Participating Royalty Interest (NPRI) is an interest in oil and gas production which is created from the mineral estate. Like the plain royalty interest it is expense-free, bearing no operational costs of production.

What is an oil lease?

An Oil and Gas lease is a legal document between the landowner (lessor) and an operator (lessee) that allows the operator to produce and sell the oil and gas minerals beneath the property.

What are pooling rights?

Pooling: During the pooling process, extraction companies purchase or lease mineral rights from multiple landowners and pool them to form a drilling unit upon which they can legally place a drill rig.

What does unitization mean?

What is Unitization? A unitization is the pooling of assets by several parties in an oil and gas producing area in order to form a single operating unit, in exchange for receiving an interest in that unit.

What is a mineral fee interest?

A mineral interest is the real property interest created in oil and gas after a severance of those minerals from the surface estate. Typically, a mineral interest is severed from the fee estate by virtue of a conveyance or a reservation, and the interest created is in fee.

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What is unitization in oil and gas?

An oil or gas reservoir may straddle adjacent contract areas. Unitization is the process whereby the straddling reservoir is jointly developed by the interest owners in the adjacent contract groups.

How do US oil leases work?

Oil leases are agreements between an oil and gas company known as the lessee and mineral owners known as a lessor, in which the lessor grants the lessee the permission to explore, drill, and produce those minerals for a specified period known as a primary term or as long as the minerals continue to be productive.

What is a non-participating royalty?

A Non-Participating Royalty Interest (NPRI) is an interest in oil and gas production which is created from the mineral estate. Like the plain royalty interest it is expense-free, bearing no operational costs of production.

What is the difference between pooling and unitization?

As noted above, while pooling focuses on efficiently combining lands for the purpose of obtaining a drilling permit to drill a single well, unitization focuses on the combination of interests covering a larger area to facilitate development of all or part of a common source of supply (i.e. a field/reservoir).

What is a non-participating royalty interest owner?

What is an NPRI? A non-participating royalty interest owner has a right to all or a portion of the royalty from gross production, but does not have the right to execute a lease, receive a bonus or any delay rentals.

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