Below are the terms of 3 transactions selling mineral or royalty interests in Texas (1 @ 1/32nd & 2 @ 1/64th). The two transactions in 1922 for 1/64th are identical in terms, but have different buyers.
Can anyone tell me what the buyers (or their heirs) in each of these transactions own today?
Individually, do the 3 buyers own a regular mineral interest with executive rights, where they can negotiate and sign a mineral lease or do they just own a right to royalty participation?
Also, for the 1/64th transactions, what is their royalty participation percentage in future mineral production … 1/64th or 1/8th?
If they own a mineral interest (with the ability to sign a lease), what percentage do they own … 1/64th or 1/8th?
There have been 6 or more subsequent leases from 1930 - 2006 and neither of the 1/64th owners / heirs, nor the 1/32 owner / heirs have been on any of these leases
Thanks in advance!
Language / terms from the sale of 1/32nd interest in 1921 …
That (sellers name) and wife (sellers name) of the county XXXX, State of Texas, have and by these presents do grant, bargain, sell, convey, set over and assign and deliver unto (buyer name) the following to-wit:
One Thirty Second (1/32) interest in and to all of the oil, gas and other minerals in and under and that may be produced from the following described lands situated in XXXX County, TX, to-wit:
It conveys in XXXX County, Texas, described thus: (legal description)
And said above described lands being now under an oil and gas lease originally executed in favor of (name) and now held by (company name), it is understood and agreed that this sale is made subject to said lease, but covers and includes 1/32 of all the oil royalty and gas rental or royalty due and to be paid under the terms of said lease.
It is agreed and understood that 1/32 of the money rentals which may be paid to extend the term within which a well may be begun under the terms of said lease is to be paid to the said (buyers name), and in the event that the said above described lease for any reason becomes cancelled or forfeited, then and in that event, the lease interests and all future rentals on the said land, for oil, gas and mineral privileges shall be owned by (sellers names), as follows: Seller and wife, 31/32 and buyer, 1/32 interest in all oil, gas and other minerals in and upon said land, together with their interest in all future rents.
This sale is made for and in consideration of the sum of One Thousand DOLLARS, cash in hand paid, to the receipt of which is hereby acknowledged.
TO HAVE AND TO HOLD, the above described property, together with all and singular the rights and appurtenances thereto in anywise belonging unto the said (sellers names), heirs and assigns forever, and we do hereby bind ourselves, heirs, executors and administrators to warrant and forever defend all and singular the said property unto the said (buyers name) heirs and assigns against every person whomever lawfully claiming or to the claim the same or any part thereof.
Language / terms from the 2 contracts selling 1/64th interest...
That (sellers name) and wife (sellers name2) of the County of XXXX, State of Texas,
have and by these presents do grant, bargain, sell, convey set over and assign and deliver unto (buyers name) the following to-wit:-
One-sixtyfourth (1/64th.) interest in and to all of the oil, gas and other minerals in and under and that may be produced from the following described lands situated in xxx County, Texas, to-wit:-
All that certain tract, lot or parcel of land a part of the ….(legal description)
Together with the right of ingress and egress at all times for the purpose of mining, drilling and exploring said lands for oil, gas and other minerals, and removing the same therefrom.
And said above described lands being now under an oil and gas lease originally executed [in 1920] in favor of XXXX and now held by the XXXX Oil Company, it is understood and agreed that this sale is made subject to said lease, but covers and includes one-eighth of all the oil royalty and gas rental or royalty due and to be paid under the terms of said lease.
It is agreed and understood that one-eighth of the money rentals which may be paid to extend the term within which a well may be begun under the terms of said lease is to be paid to the said (buyers name), and in the event that the said above described lease for any reason becomes cancelled or forfeited, then and in that event, the lease interests and all future rentals on said land, for oil, gas and mineral privileges shall be owned jointly by ourselves and (buyers name), said (buyers name) owning one-eighth interest in all oil, gas and other minerals in and upon said land, together with same interest in all future rents.
This sale is made for and in consideration of the sum of Five Thousand ($5,000.00) Dollars, cash in hand paid, the receipt of which is hereby acknowledged.
TO HAVE AND TO HOLD, the above described property, together with all and singular the rights and appurtenances thereto in anywise belonging unto the said (buyers name ?), his heirs and assigns forever, and we do hereby bind ourselves, heirs, executors and administrators to warrant and forever defend all and singular the said property unto the said (buyers name), his heirs and assigns against every person whomever lawfully claiming or to the claim the same or any part thereof.