What does this term mean?
"The 1/16 of royalty and one half of all lease rentals for oil purposes on the following premises"
It then goes on to describe the 120 acre location. Does this wording mean I'm limited to only 1/16 of royalties of the 120 acres?
The term "of" presents a LOT of problems. Taken literally, if there were a lease that provided for a 1/8 royalty, then the 1/16 OF royalties, means to multiply 1/16 x 1/8.
Having said that, there is something called the 4 corners rule, which means that one must read the entire document to understand and interpret what the document says. A snippet means not much.
So, either take this with a boulder of salt, or upload a scan of the entire document here.
Best,
Buddy Cotten