Alberta Gross Overriding Royalty Agreement

Use this template to create a Gross Overriding Royalty Agreement for the Province of Alberta, under which the Grantee receives a gross overriding percentage royalty on its interest in petroleum substances on the subject lands.

Royalties are free and clear of any costs involved in exploration, drilling, operation, production, transportation, etc.
The Grantor, acting as agent for the Grantee, will sell the petroleum substances on the same terms and conditions as its own interest, so that the Grantee is entitled to any market available.
If royalties are paid to the Grantor by a purchaser, those funds are held in trust by the Grantor until they are paid to the Grantee.
The Grantee has the right, upon proper notice, to elect to takes its royalty percentsage of production in kind.
The Grantee has the right to a lien over the Grantor's interest to secure payment of royalties.

This Alberta Gross Overriding Royalty Agreement is available in MS Word format and is fully editable.