§ 570.2. Definitions
Oklahoma Statutes AnnotatedTitle 52. Oil and Gas
52 Okl.St.Ann. § 570.2
§ 570.2. Definitions
As used in the Production Revenue Standards Act:
The interest of a participating mineral interest owner shall be designated in part as a royalty interest and in part as a working interest as set forth in Section 87.1 of Title 52 of the Oklahoma Statutes;
8. “Royalty proceeds” means the share of proceeds or other revenue derived from or attributable to any production of oil and gas attributable to the royalty share, but shall not include payments of bonus, delay rentals, shut-in royalties or any additional royalty payable to the Commissioners of the Land Office or other governmental entity, pursuant to and valued according to the terms of its oil and gas lease, which is calculated separately from the royalty portion of actual proceeds from the sale of oil or gas;
10. “Subsequently created interest” means any interest carved from a working interest other than a royalty interest. In addition to the royalty interest contained in a lease, a nonparticipatory interest created by a working interest owner for the benefit of a mineral interest owner in excess of a one-eighth ( ⅛ ) royalty interest may, by separate agreement other than the oil and gas lease, be a subsequently created interest and thereby not be communitized under the terms of the Production Revenue Standards Act only if there is clear and unambiguous language expressing that intent in the creating document. The additional royalty payable to the Commissioners of the Land Office or other governmental entity, pursuant to and valued according to the terms of its oil and gas lease, which is calculated separately from the royalty portion of actual proceeds from the sale of oil or gas shall also be a subsequently created interest and thereby shall not be communitized under the Production Revenue Standards Act;
Laws 1992, c. 190, § 2, eff. Sept. 1, 1992.
52 Okl. St. Ann. § 570.2, OK ST T. 52 § 570.2
Current with legislation of the Second Regular Session and First and Second Extraordinary Sessions of the 58th Legislature (2022).
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