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GORRGross Overriding Royalty
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References in periodicals archive ?
The Company receives its gross overriding royalty from Beach, who is not a reporting issuer in Canada, Newport is not able to confirm if the disclosure satisfies the requirements of NI 51-101 - Standards of Disclosure for Oil and Gas Activities, or other requirements of Canadian securities legislation.
Natural gas company Penn West (TSX:PWT.TO) (NYSE:PWE) revealed on Tuesday the sale of an 8.5% gross overriding royalty in its working interests in the Dodsland area of Saskatchewan, Alberta, Saskatchewan and Manitoba for an aggregate cash consideration of USD321m, before normal closing adjustments.
Oil and natural gas company Canadian Natural Resources Limited (TSX:CNQ.TO) (NYSE:CNQ) reported on Tuesday the execution of an agreement for the acquisition of Barrick Energy Inc (BEI) for cash consideration of about USD173m plus a gross overriding royalty on certain lands at Nipisi.
The New Zealand company will pay approximately CAD42m (with adjustments) plus a 5% gross overriding royalty which is payable to Origin on future production from the TAWN fields.
In connection with the purchase, Maxim has also agreed to grant the vendors a 3% gross overriding royalty in perpetuity on production from the currently producing property.