What is the significance of the location cited at the end of the STR nomenclature? If I own 25 NMAs in the SW4 of a STR and a well is in the NE4, are my NMAs discounted or nonparticipating in that Well?
It depends upon the spacing of the well. For example, if the well spacing is a conventional gas well at 160 acres and the location is in the NE4, but you own in the SW4, then you will not be included in the royalties. But if the gas well is 640 acres in the section and the section is 640 acres, then you will be included. Oil wells that are conventional tend to be 80 acres, so same idea, but which half of the quarter section will matter.
Horizontal wells tend to be spaced at the full section, but there are exceptions.
if you give a specific section, township and range, we can help more precisely.