Harper County, Oklahoma 26N 26W Sections 33 & 34. Pooling order signed July 1st, Postmarked July 10th, Received July 17th.
Just received Pooling order and under the options, An owner can elect no cash bonus with a 1/4 royalty. After a paragraph of spelling that out there is a paragraph that says:
PROVIDED, however, that any excess royalty, overriding royalty, or other payments out of production shall be charged against the overriding or excess royalty, or overriding royalty, as hereinabove set forth, and same shall be reduced by the amount of any such excess.
Can someone explain in plain english what the says?
Thank you all for your help.