I have a note my Grandfather wrote to himself and it reads like this:
1-31-1966 I sold to Midwest Oil Corporation my undivided 1/2 interest in a 40 acre
oil and gas lease covering the following described land to-wit: The NW4 of NW4 of section 16, T-7S-R32E, Roosevelt County, New Mexico for $750.00 cash plus 1/32nd of 7/8th overriding royalty. 9-16-1957 I purchased my interest for $9.20.
Can someone please translate that for me, keeping in mind the title of this discussion? : )
I looked up overriding royalty in the glossary and it didn't seem to make sense to me either.
My Grandfather was a full time oil and gas lessor and purchaser. I sure wish I had spent time with him learning about it before he passed in 1967.